Greenspoon Marder Inks 62,000-SF Office Lease In Fort Lauderdale

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Banyan Street Capital and its joint venture partner, funds managed by Oaktree Capital Management, have secured a 61,994-square-foot office lease renewal and restructure with tenant Greenspoon Marder, a national business law firm.

The firm will occupy space at 200 East Broward in Downtown Fort Lauderdale.

The 21-story, 227,158-square-foot office tower sits at the corner of East Broward Boulevard and Third Avenue near a number of retail and restaurant offerings on Las Olas Boulevard. The recently updated office property offers modern amenities, including newly renovated corridors and restrooms, a conference center and on-site cafe as well as views of the Atlantic Ocean and surrounding downtown skyline.

Jonathan Kingsley, Jarred Goodstein and Ilyssa Ettelman of Colliers International represented the landlords in the transaction. Thomas Capocefalo of Savills represented Greenspoon Marder in the lease.

 

Stiles’ Norm Adams Represents First ‘Virtual’ Lease Transaction To Relocate Tenant HQ From NYC To Downtown Fort Lauderdale

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Stiles Senior Vice President Norm Adams overcame the challenges of leasing in a COVID-19 world, utilizing technology and a wealth of online tools to get a new tenant signed despite the tenant never seeing the space in person.

Through a series of livestream video conferences, virtual tours and presentations, and electronic brochures, Adams and Senior Associate Sheila Roux conducted the showings and negotiations to attract TruCapital Partners FL, Inc. into a three-year sublease for 4,176 square feet at Broward Financial Center in Downtown Fort Lauderdale.

TruCapital Partners FL, Inc. is relocating its corporate headquarters from Manhattan to Fort Lauderdale. Paul Levine of Commercial Space Realty represented the subtenant.

“In this new environment, we used technology to find new ways to show space and process transactions,” Adams said.  “This lease was completely negotiated and inked before the tenant ever stepped foot in the space. The new tenant got a close look at everything from the layout of furniture to IT racks and connections so phones and computers could be ordered before arriving in Fort Lauderdale.”

 

Roux added, “We walked the entire space on FaceTime focusing on areas of importance to the tenant. Appropriately, as the space itself is a high-tech, plug-and-play office formerly occupied as prior HQ for JetSmarter, a private aviation software company.”

Stiles is a 69-year-old, full service commercial real estate firm headquartered in Fort Lauderdale.

Butters Office Team Closes 171,000 Square Feet of Sales, Leases Since Pandemic Onset

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Since the first case of COVID-19 struck Florida on March 1, the Butters Realty & Management office brokerage team of Darcie Lunsford, Caroline Fleischer, Molly McDonough and Sky Butters have executed more than 170,000 square feet of office transactions. In all, the Butters team generated $32.4 million in aggregate transaction value for internal and third-party assets and clients since the pandemic’s onset.

The transactions span nearly two dozen leases to representation of medical financier Bankers Healthcare Group in its acquisition of a 130,000-square-foot corporate headquarters at 3700 Lakeside Drive in Miramar in an off-market deal.

“As soon as the shelter-in-place order was lifted, our team was back in the office that day,” said Lunsford, director of office leasing at Butters. “We saw a wave of up pent-up demand coming out of the shutdown as leases expired and smaller entrepreneurial companies emerged looking to seize potential deals in the market.”

While many large corporate occupiers have remained reticent to make real estate decisions, firms of less than 5,000 square feet have still been active, Lunsford noted.

“Generally, we are seeing companies with counter-cyclical models, insurance, law, technology or financial service providers and other essential administrative hubs that have not been as drastically impacted by the pandemic-induced recession,” Lunsford said.

“In a tough economic situation like this, you can’t wait for the market to come to you, you have to go to the market,” said Fleischer, director of occupier services for Butters. “There are tenants out there that have a need and a want, but you have to be dogged.”

During the pandemic, Butters also increased occupancy several percentage points to 97 percent within its own four-building Boca Raton office portfolio.

“I think the key factor to our effectiveness in closing a high volume of transactions in the face of this unprecedented crisis is that we are highly focused,” said Malcolm Butters, president of Butters. “We have very strong local relationships and we are able to execute.”

Among the more notable office lease transactions:
• Bohler Engineering leased 4,910 square feet at 1900 NW Corporate Boulevard in Boca Raton
• Medigap Life leased 3,577 square feet at 1900 NW Corporate Boulevard in Boca Raton
• Trust Hills Co. leases 3,680 square feet at 851 Broken Sound Parkway in Boca Raton

New York Life Provides $38.3M Refinancing Loan For Fort Lauderdale Office Building

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New York Life Real Estate Investors has provided a $38.3 million refinancing loan for 261 North University Drive, a 172,959-square-foot office building in Fort Lauderdale.

The borrower, Encore Capital Management, recently completed a $15 million renovation of the property, including redesigning the lobby, modernizing the elevators, adding new bathrooms and overseeing new tenant buildouts.

The asset is situated eight miles west of downtown Fort Lauderdale. Furthermore, the property will be part of a mixed-use development that is set to feature 760 multifamily units, 150,000 square feet of retail space and 400 hotel rooms delivering in two phases by 2022.

Kevin O’Grady of Concord Summit Capital and Eric McGlynn of Walker & Dunlop arranged the loan on behalf of Fort Lauderdale-based Encore, and Ryan Doyle and John Lippmann of New York Life originated the loan.

 

Source:  RE Business

C&W’s Holding, Belt & Jolley Close 68,000 SF Of Office Transactions

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Cushman & Wakefield’s Broward County Office Tenant Representation team of Jeff Holding, A.J. Belt, and Christina Jolley arranged 10 office transactions in the second quarter totaling 68,024 square feet.

“We are experiencing a once-in-a-lifetime pandemic, yet our clients continue to focus on the future beyond Covid-19, realizing companies still need to maintain an office presence,” Belt said.

The team’s largest transactions during the second quarter are as follows:

  • The team represented Kovack Securities in a 16,769-square-foot renewal at 6451 N. Federal Highway in Fort Lauderdale
  • The team represented a national financial services client in a 14,203-square-foot renewal at 350 E. Las Olas Boulevard in Fort Lauderdale
  • The team represented Perspective One, LLC, in its acquisition of an 11,970-square-foot office building located at 312 SE 17th Street in Fort Lauderdale
  • The team represented Nordic Aviation Capital, Inc in a 10,000-square-foot sublease at 401 E. Las Olas Boulevard in Fort Lauderdale to Ubicquia, LLC
  • The team represented Kubicki Draper on an 8,571-square-foot renewal 13350 Metro Parkway in Fort Myers

“Because of the added unknowns due to the pandemic, demand for our team’s tenant advisory services are at an all-time high as clients seek strategic answers in solving for the future of the office while insuring that they are able to capture the most advantageous economic and flexible terms available in tomorrow’s office market,” Holding added.

 

CBRE’s Robert Smith, Kirk Nelson and Jeff Kelly Arrange Sale Of Single Tenant Leased Property

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CBRE Executive Vice President Robert Smith, Senior Vice President Kirk Nelson and Executive Vice President Jeffrey Kelly facilitated the sale of a single tenant leased property located at 1715 E Tiffany Drive in Mangonia Park for $5,720,000.

RL Capital LLC paid $5,720,000 for the 43,674-square-foot office/warehouse building, which is situated on 2.82 acres of land fronting 45th Street.

The deal closed June 18.

The owner/seller, Gulfstream Goodwill, executed a sale leaseback to the buyer.

Michael Fisher with John C. Bills Properties LLC and Chris Klein with Treasure Coast Commercial Real Estate Inc. assisted in the sale of the property.

“The Buyer and Seller both worked through a very challenging environment to arrange a successful sale,” commented Nelson.

CBRE's Robert Smith, Kirk Nelson and Jeff Kelly

With over 70 years combined experience as the North and South County brokerage market leaders with CBRE, Inc., Kelly, Smith, and Nelson have completed thousands of sale and lease transactions totaling billions of dollars in total consideration. They consistently achieve production levels high enough to be recognized nationally within CBRE.