Three South Florida streets rank among the 20 most expensive spots nationwide for office rents. CLICK ON THE HEADLINE FOR MORE
Spirit Airlines is expanding its presence by 14,625 square feet. CLICK ON THE HEADLINE FOR MORE
Three South Florida streets rank among the 20 most expensive spots nationwide for office rents, a recent study shows.
Royal Palm Way on the island of Palm Beach was ninth with an average gross per square foot asking price of $58.52, according to Jones Lang LaSalle. The price was up about 1 percent from 2011, the last time Jones Lang LaSalle conducted the study.
Meanwhile, East Las Olas Boulevard in Fort Lauderdale came in at No. 19, with a gross price per square foot of $36.84, down about 5 percent since 2011.
Brickell Avenue in Miami was the only other Florida street on the list. It ranked 14th at $39.09 per square foot.
The Royal Palm Way, Las Olas and Brickell submarkets command top rents because they attract businesses that serve affluent residents in South Florida, said Peter Reed, broker at Commercial Florida Realty Services. “Those locations are convenient,” Reed said. “People like to know their money is close.”
Royal Palm Way is known as “banker’s row” because of the contingent of wealth management and financial services firms, Jones Lang LaSalle said.
Sand Hill Road in Menlo Park, Calif. has the nation’s highest average office rent at $111. Fifth Avenue in Midtown Manhattan had the nation’s second-highest average rent at $102.
Source: Sun-Sentinel
Spirit Airlines Inc. has agreed to stay put at the Miramar Park of Commerce, where the company has based its South Florida operations since 1999.
The company announced Friday that it signed a 70,819-square-foot lease renewal at the 2844 and 2854 Corporate Way facility it calls the Spirit Support Center. The discount airline is expanding its presence at the facility by 14,625 square feet of office space. Financial terms of the 10-year lease were not disclosed.
Spirit moved its headquarters from Detroit to Miramar 14 years ago. The low-cost carrier now has more than 1,300 employees in South Florida.
Miramar Park of Commerce was developed by Sunbeam Properties Inc. Sunbeam vice presidents Andrew Ansin and Maridee Bell represented the park in the transaction. Studley Inc. senior managing director Chris Lovell, executive vice president Greg Katz and senior managing director Roy Abernathy represented Spirit.
The transaction is Broward County’s largest office lease in 2013, according to Studley.
“Our team spent over a year evaluating multiple cities and options,” Lovell said in a statement. “We are pleased that the employment and economic opportunities in South Florida and the partnership approach of Miramar Park of Commerce provided such convincing reasons for Spirit’s long-term commitment to this region.”
Source: DBR
Streets Of Gold: Palm Beach, Fort Lauderdale Among Priciest Office Rents
/in News/by SFOBA STAFFThree South Florida streets rank among the 20 most expensive spots nationwide for office rents. CLICK ON THE HEADLINE FOR MORE
Spirit Stays Grounded, Signs Broward County’s Largest Office Lease This Year
/in Done Deals, News/by SFOBA STAFFSpirit Airlines is expanding its presence by 14,625 square feet. CLICK ON THE HEADLINE FOR MORE