Mortgage Lender To Occupy 50,000 Square Feet For 2nd HQ

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NewDay USA, one of the nation’s leading veteran mortgage lenders, announced on Tuesday that it will create 600 new jobs at 360 Rosemary in West Palm Beach over the next two years.

This new location will serve as the second headquarters for NewDay USA, in addition to its headquarters in Fulton, Maryland.

NewDay USA will occupy more than 50,000 square feet on the top two floors of 360 Rosemary, the 300,000-square-foot, sustainable, Class-A office building at the heart of downtown West Palm Beach’s Rosemary Square neighborhood.

“NewDay USA’s commitment to growth and job creation will bolster our vision of creating a community of opportunity for all,” said West Palm Beach Mayor Keith James on Tuesday. “We are proud to be New Day’s newest home and a place where everyone—especially our cherished veterans—can realize their dreams. We look forward to NewDay USA’s valuable work and positive economic impact on our community.”

 

“NewDay USA proudly helps veterans and their families achieve greater financial security, and we are excited to establish a new home in West Palm Beach to carry out our mission,” said Rob Posner, the CEO of NewDay USA. “South Florida hosts a growing and educated workforce and the state represents the third-largest veteran population in the U.S., making West Palm Beach the ideal choice for our company’s second headquarters.”

 

“The Business Development Board believes that NewDay USA will be a transformational relocation for the City of West Palm Beach. This company takes great pride in creating high-quality jobs for our residents and being a big part of the community. We are proud to welcome them as our newest corporate citizen,” said Kelly Smallridge, the president and CEO of Business Development Board of Palm Beach County (BDB).

The Business Development Board assisted NewDay USA with access to the City of West Palm Beach’s financial resources, as well as expedited permitting and information on community engagement.

NewDay expects to be one of the largest employers in the area, housing 600 employees over the next two years at Rosemary Square. The West Palm Beach Community Redevelopment Agency has approved $1.8 million for the training of new hires at NewDay University. The average salary of a NewDay employee is more than $90,000 and the average age is between 25 and 30.

“The team at Related built a beautiful, state-of-the-art facility that will give our team members a phenomenal environment to work and live. Our team is extremely excited to join this community,” Posner said.

NewDay USA will take occupancy of the new office in the fall.

 

Source:  Florida Daily

Berger Commercial Realty Welcomes Law Firm As 550 Building’s Newest Tenant

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Berger Commercial Realty/Corfac International Senior Sales Associate Jonathan Thiel, Sales Associate John Forman, and Senior Vice President Joseph Byrnes, on behalf of Landlord Blackhawk Properties & Investments, LLC, negotiated a 7,973-square-foot 10-year lease deal with local law firm Gutterman Trial Group at the 550 Building, one of Fort Lauderdale’s newest office/retail projects.

Berger Commercial Realty's Jonathan Thiel, John Forman and Joseph Byrnes

Gutterman Trial Group is a Florida civil litigation firm dedicated to representing insurance carriers and their policyholders.  The practice encompasses an array of matters, including property, casualty, coverage, extra-contractual, subrogation, reinsurance, construction, marine and yacht, transportation and cargo claims.  The firm will be relocating from its current location at 200 East Broward Boulevard.

Cushman & Wakefield’s A.J. Belt and Jeff Holding represented the tenant, which was attracted to the 550 Building due to the new construction, flexible floorplans, and proximity to the new Broward County Courthouse.

Gutterman Trial Group will be joining office tenant Berger Commercial Realty and SOLO Shoppes retail tenants Legacy Fit and Bank of OZK. Berger Commercial will be relocating to a new, state-of-the-art office on the 4th floor.

Located at 550 S. Andrews Avenue, the building stands 7 stories tall, with 6 stories consisting of approximately 86,000 square feet of professional office space with an entire floor totaling approximately 12,500 square feet. The first floor is comprised of approximately 7,500 square feet of prime restaurant/patio space, of which ±4,400 square feet is currently available for lease. The adjacent parking garage will consist of 634 spaces, along with The SOLO Shoppes, which will comprise 13,000 square feet of traditional storefront retail. The entire project will total just over 100,000 square feet of commercial space in addition to the parking garage.

The property formerly housed the 32,500-square-foot Justice Building, which was purchased by Blackhawk in December 2013. Berger represented Blackhawk in its purchase and currently provides leasing and property management for the project.

 

After 16 Years, Berger Commercial Realty Is Relocating HQ To Downtown Fort Lauderdale’s SOLO District

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After 16 years at its current location at 1600 Southeast 17th Street in Fort Lauderdale, Berger Commercial Realty/Corfac International is relocating to a new, state-of-the-art office on the 4th floor of the 550 Building, located at 550 South Andrews Avenue in Downtown Fort Lauderdale in the heart of the fast emerging SOLO District.

550 Building

In business for 23 years with offices located in Fort Lauderdale, Miramar and Boynton Beach, Berger Commercial Realty currently leases and manages the 100,316-square-foot, 7-story Class A office building, soon to be the new home of the company.  The 2019-built facility features 12,000-square-foot floor plates; an on-site 634-car parking garage, representing the highest available parking ratio available in Downtown Fort Lauderdale; and a ground floor patio restaurant. Office suites range from 680-square-foot spec suites to full floors.

Berger’s 6,947-square-foot office will feature both collaborative and private workspaces.

“We are excited about our move to the 550 Building,” commented Berger Commercial Realty President Lloyd C. Berger. “The 550 Building will provide a new modern design for our team. We feel fortunate to be able to continue to grow and this move will help us meet the needs of our clients.”

The property is located adjacent to the new 700,000-square-foot Broward County Courthouse within the Central Business District location, yet away from congestion, providing ease of access to major transportation routes.

The lease deal was negotiated by Berger Commercial Realty Senior Vice President Joseph P. Byrnes, Senior Sales Associate Jonathan Thiel and Sales Associate John Forman. Berger will occupy its new offices next month.

 

Uptown Fort Lauderdale Office Building Sells

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Marcus & Millichap negotiated the sale of Cypress Executive Center, a office building located in the Uptown Business District of Fort Lauderdale.

The asset sold for $17,500,000.

ICM Cypress LP, an affiliate of Calgary-based ICM Realty Group, sold the 140,635-square-foot office building at 1901 W Cypress Creek Road to CYPRESS CORPORATE CENTER LLC. The price equates to $124 per square foot.  The property is situated on a ground lease that is owned by the City of Fort Lauderdale and has just under 50 years of lease term remaining.

Marcus & Millichap’s Douglas Mandel, Tyler S. Kuhlman and Richard Redmond had the exclusive listing to market the property on behalf of the seller.

“We have sold several properties over the years that were subject to city of Fort Lauderdale ground leases, so we are very familiar with working with Airport Authority and the city of Fort Lauderdale to navigate the assumption process”, said Mandel. 

ICM purchased the building in 2015 for $10.9 million when Mandel represented the Seller.  At the time, building was just 60% occupied.  After the acquisition ICM completed a building-wide renovation, re-branding and repositioning strategy, which resulted in the building’s stabilization.  “Our partnership with Doug’s team for the building sale was vital to executing our investment strategy”, said ICM Realty’s Andrew Webb.

“The Cypress Executive Center garnered premium pricing due to current ownerships ability to stabilize the asset, whilst significantly upgrading the buildings core amenities and successfully executing on their value-add strategy from inception,” stated Kuhlman.

Cypress Executive Center is located at 1901 W Cypress Creek Rd in Fort Lauderdale, FL.  It is directly across the street from the Fort Lauderdale Executive Airport in the Uptown Business District of Fort Lauderdale, which is home to numerous major national corporations such as Citrix, Microsoft and others.  The property was constructed in 1987 and extensively upgraded between 2015 and 2019, with over $1.3 million worth of improvements added to the building, in addition to considerable Tenant Improvements made to many of the suites during the same period.

 

Stiles’ Norm Adams Signs Lease With Accounting Firm At The Main Las Olas Office Tower In Downtown Fort Lauderdale

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Stiles Senior Vice President Norm Adams secured a 10-year lease deal with Templeton & Company accounting and consulting firm at The Main Las Olas located at 201 E. Las Olas Blvd. in the heart of downtown Fort Lauderdale.

Delivered in November 2020, The Main Las Olas is the newest Class A, amenity-rich office tower developed on Las Olas Blvd. in more than two decades.

Templeton & Company, one of the region’s leading accounting and consulting firms with offices in West Palm Beach and Fort Lauderdale, is relocating from 301 E. Las Olas to The Main Las Olas. Templeton provides a broad spectrum of services to its clients including assurance, tax, family office and consulting. The firm plans to occupy the space in January 2022.

“We reached an exciting point in our company’s evolution and our professionals need office space that reflects the high caliber service that we offer our clients and supports our business growth objectives,” said Steve Templeton, Founder and President of Templeton & Company. “The Main Las Olas unquestionably provides the preeminent venue to best meet our clients’ needs and serve as our Fort Lauderdale headquarters for family office services to our high-net-worth families.”

Spanning a full city block, The Main Las Olas redefines the city’s epicenter with 1.4 million square feet of mixed-use office, residential and retail space that stands alone across South Florida as nothing short of revolutionary.

“In this new environment, tenants want a combination of amenities and location, and The Main Las Olas delivers the highest standards of both,” said Adams. ”Templeton chose to establish a new base where they could elevate their business profile and grow in a safe, secure facility offering the highest level of technology and features in office today.”

Combining a dramatic and stunning 25-story all-glass design by nationally acclaimed architecture firm Cooper Cary, the tower offers nearly 370,000 square feet of efficient, modern and forward-thinking office space, expansive 12-foot, floor-to-ceiling windows that draw maximum light, and world-class amenities. Connected to 341-unit apartment tower Novo Las Olas, which features the area’s first Publix GreenWise grocer on the ground floor, the building’s outdoor and indoor amenity spaces, conference centers and state of the art fitness center rival even the most cutting edge office buildings found across the region.

The Main Las Olas, developed by joint venture partners Stiles and San Francisco-based Shorenstein Properties LLC, welcomed its first tenant, law firm Akerman LLP, in November and is currently 40 percent leased. Stiles is a 69-year-old, full service commercial real estate firm headquartered in Fort Lauderdale with offices across the Southeastern United States.

 

Levy Realty Advisors’ Silberling Inks 3 Lease Deals At Cypress Creek Office Building

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Levy Realty Advisors and South Florida Innovative Office, LLC (SFIO) are pleased to announce three new leases totaling 9,471 square feet at Prisma at Cypress Creek, located at 1000 NW 65th Street in Fort Lauderdale.

Ken Silberling, Sr. Vice President, Brokerage & Tenant Representation with Levy Realty Advisors, represented both Landlord and Tenant on the following leases of 2,928 square feet to Universal Healthcare Advisors, LLC and 3,609 square feet to QOL investments LLC, while SFIO handled the expansion of Alternative Funding Group Corp. to 2,934 square feet. The property is currently 95 percent leased.

Prisma at Cypress Creek-1000 NW 65th Street

“The activity is the result of responsive hands-on leasing and management,” said Silberling. “While my clients acquired the building in March at the outset of the COVID Crisis, we decided to move forward with an aggressive program to renovate and market the property. The result is a completely updated boutique building in the heart of Fort Lauderdale’s Cypress Creek market. Prisma’s modern design and floor to ceiling glass appeal to the technology, healthcare and financial firms in the market.  By responding to tenant needs and assembling a great team of leasing, management and onsite concierge services, we are achieving positive results in these challenging times.”

“We still have space to fill,” added Silberling.  “But I am optimistic that our team approach will continue to win over prospective tenants.”

Prisma can currently accommodate tenants from 1,831 to 5,319 square feet.

Silberling was named exclusive leasing agent for the renamed Prisma at Cypress Creek in May 2020.

The 39,235-square-foot, three-story office building was purchased in March by South Florida Innovative Office, LLC, a division of Maynada Real Estate Advisors.