The team has arranged more than 28 new leases at Coastal Tower over the past three years, bringing the building up to 83% occupancy. CLICK ON THE HEADLINE FOR MORE
The 50-month lease extension and expansion is valued at over $2.8 million. CLICK ON THE HEADLINE FOR MORE
CBRE has arranged a lease for insurance company USI, the 9th largest insurance broker in the United States, at Coastal Tower, a Class A, LEED ®EB Silver-certified office building at the corner of US 1 and Commercial Boulevard in Fort Lauderdale.
The company will relocate approximately 80 employees from its current location at Broward Trade Center, located at 200 W. Cypress Creek Road, to the new office, located on the 6th floor, when it assumes occupancy on January 1, 2014.
CBRE is the leasing agent for Coastal Tower owner California State Teachers’ Retirement System (CalSTRS).
While the Broward County office market continues to post year-over-year negative absorption, leasing at Coastal Tower has actually picked up pace in 2013. USI is the 10th tenant this year to sign a new lease or expansion there. CBRE has arranged more than 28 new leases at Coastal Tower over the past three years, bringing the building up to 83% occupancy.
“While the office market remains flat, we have been fortunate to attract many office users in the market primarily because businesses are looking for dependable property ownership and great on-site amenities like fitness centers and food services, all of which Coastal Tower offers,” said CBRE First Vice President Travis Herring. “It does not hurt that we are also located close to several affluent communities where business owners and employees want to live.”
Located at 2400 East Commercial Boulevard, Coastal Tower is a LEED® and Energy Star Certified, Class A office building located within walking distance to several restaurants, hotels, banks and shops, and across the street from Holy Cross Hospital and the Holy Cross Wellness Pavilion.
Herring, along with CBRE Senior Vice President Deanna Lobinsky and Associate Katherine Ridgway, are the exclusive leasing agents for Coastal Tower.
Michael Scarpino, CCIM, Frank Morrison and Jennifer Scarpino of NAI Rauch Weaver Norfleet Kurtz & Co. represented the tenant, Woodfield Distribution, LLC in the expansion lease of 22,648 square feet at Boca Distribution Center 1 for a total combined SF of 70,744, located at 951 Clint Moore Road in Boca Raton.
Woodfield Distribution, LLC also extended their original lease by 50 months to coincide with the ten year term on the expansion space.
Christopher Thomson of Cushman & Wakefield represented the landlord, Prologis.
Woodfield Distribution, LLC is planning to use the facility to manufacture and distribute pharmaceuticals from this location. It is a consolidation of the company’s distribution from several other locations throughout the country. The company has been manufacturing with third party vendors for some time, and will continue to do so, but this facility will be used to manufacture high demand pharmaceuticals in order to better control the timing on the manufacturing and distribution process. Woodfield will be renovating the entire expansion space.
The 50-month lease extension and 22,648 SF expansion is valued at over $2.8 million.
Herring, Lobinsky Bring 17,400 SF Tenant To Coastal Tower
/in Done Deals, News/by SFOBA STAFFThe team has arranged more than 28 new leases at Coastal Tower over the past three years, bringing the building up to 83% occupancy. CLICK ON THE HEADLINE FOR MORE
RWNK Reps Tenant In 23,000 SF Expansion, Lease Extension
/in Done Deals, News/by SFOBA STAFFThe 50-month lease extension and expansion is valued at over $2.8 million. CLICK ON THE HEADLINE FOR MORE