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

September 7, 2020/in Done Deals, News, Trends/by SFOBA STAFF

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 at Broward Financial Center. CLICK ON THE HEADLINE FOR MORE

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

August 31, 2020/in Done Deals, News/by SFOBA STAFF

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. CLICK ON THE HEADLINE FOR MORE

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

September 7, 2020/in Done Deals, News, Trends/by SFOBA STAFF

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

August 31, 2020/in Done Deals, News/by SFOBA STAFF

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. CLICK ON THE HEADLINE FOR MORE

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

September 7, 2020/in Done Deals, News, Trends/by SFOBA STAFF

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

August 31, 2020/in Done Deals, News/by SFOBA STAFF

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

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

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

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

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

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

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

“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.”

“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.”

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