Fort Lauderdale Office Building Nearly Fully Leased

/in , /by

A renovated 1980s-era Fort Lauderdale building is almost entirely occupied following the closure of five recent lease deals.

Cypress Financial Center at 5900 N. Andrews Ave. is now 92% leased, according to a release from the brokerage Cushman & Wakefield. Travis Herring and Katherine Ridgway of Cushman & Wakefield represented the landlord, Tampa-based Vision Properties, in the negotiations.

  • Signature Consultants, an IT consulting firm, will be moving from its current office at 200 West Cypress Creek Road into a 7,038-square-foot space in the Cypress Financial Center in March 2023. Peter Reed of Commercial Florida Realty Services represented Signature Consultants in the lease negotiations.
  • Alpine, a division of Illinois Tool Works, will be relocating from another building in Broward County into a 6,065-square-foot space within Cypress in April 2023. A designer and manufacturer of roof, floor, and wall components, Alpine was also represented by Cushman & Wakefield.

The other three lease deals are with existing building tenants.

  • Prime Education, a research and education company, signed a new lease for the 5,817-square-feet of space it now occupies. The company had previously subleased the space from another tenant but the new lease is through landlord Vision Properties. Prime Education was represented by Mitchell Millowitz of Newmark.
  • Perfume manufacturer and distributor Parlux negotiated directly with Herring and Ridgway to renew the lease of its 2,062-square-foot office.
  • Scott Friedman, vice president of project management for The Morgan Companies, a full service commercial real estate firm, negotiated on behalf of his company to renew its 1,394-square-foot office lease.

South Florida office rents have been trending upward since the height of the pandemic as new-to-market and local companies seek out quality office space. In the third quarter of 2023, Broward County, office rents for Class A and Class B buildings averaged $37.84 a square foot, an increase of 2.9% from last year, a recent from Cushman & Wakefield stated. Within the Cypress Creek/Commercial Corridor rents averaged $34.09 a square foot.

Built in 1988, the 11-story Cypress Financial Center was purchased by a subsidiary of Vision Properties for $44.2 million in January 2021 after a previous deal to acquire the building by another real estate company fell through. The building has since been renovated and includes a cafe, a parking garage, on-site security, and “exclusive on-ramp access to Interstate 95 Southbound,” Cushman & Wakefield stated.

The limited office space available in the Cypress Financial Center is advertised at $24 a square foot on LoopNet.com. That rental rate does not include utilities, property expenses or building services.

 

Source:  SFBJ

West Marine Relocates HQ From Cali, Inks 50,000 SF Lease Deal

/in , /by

NAI/Merin Hunter Codman, the property leasing and management company of 1 East Broward, an iconic 19-story, 350,000-square-foot office building in Fort Lauderdale, welcomed West Marine, the nation’s leading retailer for the sailing, boating, fishing and watersports markets, to its new 50,000-square-foot corporate headquarters at 1 East Broward.

1 East Broward, one of Fort Lauderdale’s leading Class A office buildings, is centrally located on the northeast corner of Broward Boulevard and Andrews Avenue, just a short walk from Fort Lauderdale’s many amenities including the Brightline Train station, the fast-growing Flagler Village residential neighborhood, and Las Olas Boulevard.

West Marine’s relocation of their corporate headquarters from Santa Cruz, California to Fort Lauderdale will create approximately 225 corporate jobs over time and tallied an $800,000 capital investment into the property and community according to the Greater Fort Lauderdale Alliance. Thursday, October 27th marked the ribbon cutting ceremony at their new 1 East Broward headquarter location. Ribbon cutting attendees included West Marine Chief Executive Officer Eric Kufel and Chief Commercial Officer Stacey Renfro, as well as Broward County Mayor Michael Udine, Greater Fort Lauderdale Alliance President and CEO Bob Swindell, Fort Lauderdale Chamber President and CEO Dan Lindblade, and top members of Downtown Fort Lauderdale. Mr. Kufel along with the City of Fort Lauderdale’s Vice Mayor Sorensen, and City Commissioner, District 2 Steven Glassman cut the ribbon at the ceremony.

The city of Fort Lauderdale, which has over 300 miles of inland waterways and is home to about 50,000 yachts, is known as the Yachting Capital of the World. It’s no wonder this South Florida city attracted West Marine.

West Marine CEO, Eric Kufel, recently stated, “Our relocation to Fort Lauderdale means we can better serve the sailing and boating communities. We want to be where the boaters are, not only to support the existing community, but welcome newcomers to the industry.”

 

NAI/Merin Hunter Codman Chief Executive Officer Jordan Paul stated, “We are thrilled that West Marine has chosen 1 East Broward for its corporate headquarters. West Marine is an iconic brand that meshes perfectly with the outdoor lifestyle that makes Fort Lauderdale a unique city to live, work and play. We are honored that West Marine has selected 1 East Broward as its new corporate home and look forward to working with them for many years as they continue to grow their market leading business.”

 

Packaging Design Firm Signs Lease To Relocate HQ To Plantation

/in , /by

Smurfit Kappa, a global leader in paper‐based packaging solutions, is relocating its United States headquarters to the 465,000‐square‐foot Royal Palm business campus at Pine Island Road and I‐595 in Plantation.

Smurfit Kappa, a FTSE 100 company has over 350 production sites across 36 countries. The company, whose corporate offices are currently located in Sunrise, has inked a long‐term lease for 10,673 square feet of office space at the three‐building park. The new lease reflects Smurfit Kappa´s desire to be in a best‐in‐class and highly amenitized office, setting to serve its existing employees while also setting the tone to attract high‐caliber talent.

 

Butters Realty & Management office team of Caroline Fleischer, Darcie Lunsford and Sky Butters represented Smurfit Kappa. Danet Linares of Blanca Commercial Real Estate represented the landlord, TR Royal Palm Corp.

“Smurfit Kappa was seeking an upscale office venue that would help enhance its positioning by providing a myriad of on‐site amenities,” said Fleischer, who is executive vice president of occupier services. “Royal Palm’s café, fitness center, conference facilities, garage parking and executive lounge made it an attractive choice.”

Smurfit Kappa offers customers in the consumer, retail, industrial and e‐commerce sectors an unrivalled portfolio of paper‐based packaging solutions which are 100% renewable and biodegradable and are sourced from recyclable material.

The Company expects to move into its new headquarters by the Fall of 2023.

 

TCRE And Alliance HP Complete 17 Office Leases At Fort Lauderdale’s One Financial Plaza

/in , /by

TCRE, a full-service commercial real estate brokerage in South Florida, announced 17 lease transactions in 2022 totaling approximately 52,000 square feet at One Financial Plaza, a 283,000-square-foot, 28-story Class A office tower located at 100 SE 3rd Ave. in the Central Business District of Downtown Fort Lauderdale.

The leases, which include six new-to-market tenants, two market relocations and numerous lease renewals and expansions, bring the building to over 92 percent occupancy. Laurel Oswald, Jon Blunk and Cristina Glaria of TCRE exclusively represent the landlord, Alliance HP. The building is professionally managed by CP Group.

“The market is changing; With numerous new residential towers on the north side of downtown, the brokers in the market and their tenants are recognizing the convenience of our location, and the building’s top-notch amenities including the Tower Club continue to make One Financial Plaza the destination of choice,” stated Ira Bergstein, Director of Leasing, Alliance HP.

 

“Leasing activity was largely driven by the building’s extensive amenity offerings as well as the Landlord’s hands-on approach and focus on delivering the best possible tenant experience at the building,” added Laurel Oswald, executive director, TCRE.

The new-to-market leases include the following:

  • STEMCOR, a British steel trading and distribution company, has leased 3,465 RSF; Represented by Adam Talbot, CRESA.
  • AGI Capital has leased 2,091 RSF; Represented by AJ Belt and Jeff Holding, Cushman Wakefield.
  • RVM Enterprises has leased 3,465 RSF; Represented by Steve Hyatt, Berger Commercial.
  • Rockwave Capital, a New York-based investment firm, has leased 1,262 RSF.
  • Xplore Group, relocating from Miami, has leased 1,065 RSF; Represented by Walter Robinson, Robinson Commercial.
  • Meirowitz & Wasserberg, LLP, a New-York-based personal injury law firm, has leased 1,694 RSF.

 

Two notable in-market relocations include:

  • Oppenheimer, a global full-service brokerage and investment bank, has leased the full 21st floor totaling 11,213 RSF (in-market relocation); Represented by Adam Bernstein and Barbara Black, JLL.
  • Silverman Schermer law firm has moved its office at 401 E. Las Olas Blvd. to occupy 3,400 RSF; Represented by Kim Barbar, Stiles.

 

TCRE has also secured 22,452 RSF of renewals and expansions for existing tenants. These include:

  • Cohen Blostein & Ayala PA has expanded and renewed 5,414 RSF; Represented by Mark Goldstein, Jasper Realty.
  • Advanced Recovery Systems (ARS) has renewed 7,800 RSF; Represented by Thomas Capocefalo, Savills.
  • Insperity HR Solutions has renewed 4,725 RSF; Represented by Zach Wendelin, CBRE.

 

One Financial Plaza is a landmark building in the heart of downtown Fort Lauderdale. Originally constructed in 1972, the building has completed a multi-million-dollar renovation program. The ground floor lobby and retail spaces have been modernized, and the east building entrance was completely redesigned. A high-end fitness center and conferencing facilities add to the daily comforts and conveniences, and the exclusive Tower Club located on the top floor boasts sweeping views of downtown and the Atlantic Ocean, a fine dining restaurant, bar and lounge, meeting rooms and event space.

The office tower is conveniently located two blocks from Las Olas Boulevard, a shopping, dining and cultural destination with a plethora of restaurants within walking distance from the property. The building offers easy access to US-1, I-95 and I-595 and is minutes from the Fort Lauderdale/Hollywood International Airport and Fort Lauderdale’s Brightline train station.

 

Marcus & Millichap Negotiates Sale Of Class A Office Building In Boca Raton

/in , /by

Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of 1095 Broken Sound Parkway, a 46,593-square-foot Class A office building in the Park at Broken Sound office park in Boca Raton.

The property sold for $9.5 million.

“This asset is the newest Class A office building to be delivered in the 700-acre, dynamically evolving and highly desirable Park at Broken Sound live-work-play office park,” said Douglas K. Mandel, IPA executive managing director. “An ideal corporate or regional headquarters, the acquisition gives our buyer the opportunity to occupy more than 50% of the building’s existing square footage.”

Mandel, along with Tyler S. Kuhlman and Zachary Levine of Marcus & Millichap represented the seller.

“The Palm Beach County office market observed a strong rebound last year, as evidenced by the metro’s office-using employers’ recovery of all pandemic job losses by the second quarter,” said Kuhlman. “Currently, employers are on track to end the year 8,000 positions above pre-health crisis counts.”

Located at the intersection of Broken Sound Parkway and Broken Sound Boulevard, the building has over 400 feet of prime frontage on Broken Sound Parkway. Nearby Interstate 95 gives tenants and their customers easy access to Florida’s Turnpike, three airports, and an abundance of retail, dining, hotel and entertainment options. The 1.5 million-square foot Town Center Mall is 3.2 miles away and the Boca Raton Station of the Tri-Rail system, South Florida’s 71-mile mass transit commuter train system is less than a mile away.

Constructed in 2008, the three-story concrete office building has single-deck structured parking and ample underneath parking with multiple entrances.

 

Berger Commercial Realty’s Keith Graves and Jonathan Thiel Negotiate 290,503 SF Lease Renewal For Sun-Sentinel

/in , /by

Berger Commercial Realty/Corfac International Senior Vice President Keith R. Graves, CCIM and Vice President Jonathan Thiel negotiated a long-term lease renewal on behalf of Sun-Sentinel Company LLC for 290,503 square feet at 333 SW 12th Avenue in Deerfield Beach.

The 1988-built property is occupied by Sun-Sentinel Company LLC as a printing plant and distribution center and includes a 2-story office component, as well. The property features 35’ clear ceiling height, dock and grade level loading and is situated on 23.03 acres. Besides the Sun Sentinel, the other papers now being printed at the facility include the New York Daily News, New York Times, New York Post, Wall Street Journal, and the weekly Barron’s financial publication.

“This represented a strategic, long-term commitment to South Florida and the local community,” commented Graves. “The prime location and functionality of the property, coupled with Sun-Sentinel’s growth and business model were all contributing factors.”

Tom O’Loughlin of CBRE represented the landlord, GPT SW 12TH AVENUE OWNER LLC, in the lease deal.