Senior Vice Presidents Madelayne Garcia and Tom Kates handled the leasing for Stiles Realty. CLICK ON THE HEADLINE FOR MORE
Cushman & Wakefield arranged the sale of the four-building office park. CLICK ON THE HEADLINE FOR MORE
Stiles Realty is pleased to announce a new lease signing as well as a pair of lease renewals at Sawgrass International Corporate Park in Sunrise.
Synechron, Inc., a $500 million international digital consulting firm, signed a lease for 19,683 square feet while insurance firm MacNeill Group renewed its lease for 37,818 square feet at Sunrise Corporate Plaza. Additionally, Emerson renewed its lease for its 17,065-square-foot Latin American headquarters at Lake Shore Plaza II.
Senior Vice Presidents Madelayne Garcia and Tom Kates handled the leasing for Stiles Realty, a division of the full-service real estate development firm, Stiles.
Sunrise Corporate Plaza (107,748 SF) and Lake Shore Plaza II (128,470 SF) are Class A office buildings featuring impact-resistant windows, lakefront views and outdoor courtyards. Both are located within Sawgrass International Corporate Park, just one mile from the Sawgrass Mills Mall and BB&T Center with convenient access to I-75, the Sawgrass Expressway and I-595.
“The addition of Synechron as well as the renewals of MacNeill and Emerson continue to affirm Sunrise Corporate Plaza and Lake Shore Plaza II as attractive office locations for top national technology and professional service firms,” Garcia said.
Headquartered in New York City, Synechron has more than 8,000 employees operating in 18 countries. Synechron provides a wide range of digital consulting services from strategy and UX to marketing science and development. The 89-month lease is valued at $4.6 million. Tenant representative was Tony Jones of Cushman & Wakefield.
A member of the Team Focus Insurance Group, MacNeill Group’s 130-month renewal is worth $40 million. MacNeill was established in 1946 and works exclusively with top-rated property and casualty (P&C) insurance companies specializing in commercial, personal, transportation and flood lines, and provides independent agents throughout the Southeast. Robert Listokin of Colliers lnternationalrepresented the tenant in the lease negotiations.
A 128-year-old global automation technology and software company, Emerson provides technologies and strategies for customers in manufacturing industries such as oil and gas, power, chemical, life sciences and others. The company has 76,500 employees across the globe and revenues over $25 billion. The renewal is for 65 months at a value of $3.1 million. The national tenant representative was Patrick Fitzgerald of Axiom Advisory Group while Zach Talbot of Cresa South Florida was the local tenant representative.
Cushman & Wakefield has arranged the sale of Lakeshore Business Center, a four-building office park in Broward County’s Cypress Creek submarket.
The Cushman & Wakefield Capital Markets team of Mike Davis, Scott O’Donnell, Dominic Montazemi, Greg Miller, Rick Brugge and Michael Lerner represented Boca Raton, FL-based Morning Calm Management in the sale.
Miami-based YMP Real Estate Management, LLC acquired the 237,682-square-foot office park for $29.25 million, which equates to approximately $123 per square foot.
Lakeshore Business Center comprises four, two-story buildings developed between 1986 and 2000. The campus is located on a ±17.0-acre site at 5100 and 5200 NW 33rd Avenue and 3201–3125 West Commercial Boulevard in Fort Lauderdale.
The park’s location midway between Interstate 95 and Florida’s Turnpike — South Florida’s two primary north-south arteries — offers nearly one-quarter mile of prominent frontage along West Commercial Boulevard in the Cypress Creek submarket.
“Cypress Creek is Broward County’s second-largest submarket and continues to be a cost effective option for tenants who are seeking easy access to South Florida’s major thoroughfares and a respite from the Fort Lauderdale CBD’s rapidly rising rents,” explained Davis. “As average asking rents in Fort Lauderdale’s CBD increase, the relative value appeal of Cypress Creek as a cost-effective option for Class A and B office space continues to grow.”
Lakeshore Business Center offers a superior parking ratio (4.0 spaces/1,000 square feet) and has received more than $1.3M in capital improvements in recent years, including high-quality interior finishes; upgrades to roofs, HVAC, lobbies and corridors; and major restroom renovations.
Further improvement and development potential is possible for new ownership. Sixteen percent of Lakeshore Business Center’s total square footage is warehouse space, which could be repurposed to office. The site also offers near-term outparcel development opportunities and the potential for a covered land play, leading to future redevelopment.
Lakeshore Business Center was 79% leased at the time of sale, with leasing velocity increasing dramatically in recent years. Notable tenants include Hair Visions International, ECI Telecom and Kirlin Florida.
“Lakeshore Business Center provides YMP with tremendous upside potential through the lease-up of 50,000 square feet of vacant space,” said O’Donnell. “Prior ownership had leased 78,000 square feet of new space plus 58,000 square feet of renewals in the past three years, which made up 44% of the entire submarket’s absorption during that period.”
International Digital Consultant Firm Inks 20,000 SF Lease
/in Done Deals, News/by SFOBA STAFFSenior Vice Presidents Madelayne Garcia and Tom Kates handled the leasing for Stiles Realty. CLICK ON THE HEADLINE FOR MORE
Broward County Office Park Fetches $29.25 Million
/in Done Deals, News/by SFOBA STAFFCushman & Wakefield arranged the sale of the four-building office park. CLICK ON THE HEADLINE FOR MORE