The deals bring the building to 64% leased.
Fort Lauderdale, in particular, is emerging as a key player in this trend, offering 52 spec suites across 16 properties, totaling more than 61,000 square feet, according to a recent report from Avison Young.
In the coming months, three diverse companies—a bank, an IT firm, and a provider of autism therapy services—will be relocating to a 24-story office tower in downtown Fort Lauderdale.
Pebb Capital, Intalex Capital, and CDS International Holdings revealed that their 110 East Broward Boulevard building, a 24-story structure, is now 64% leased, following a series of office lease agreements over the past 15 months.
The largest tenant will be ABA Centers of America, a South Florida-based provider of autism therapy. Listed among the fastest-growing private companies by Inc. Magazine and the Business Journal, ABA Centers will occupy 48,000 square feet across the building’s top three floors. The company had originally planned to occupy a single floor but will now take up more space once construction is complete in January, according to ABA’s Director of Public Relations, Katie Murphy.
Founded in 2020, ABA Centers specializes in autism treatment at its facilities in Florida, New Hampshire, and Massachusetts. The company is also preparing to open a 13,341-square-foot testing and treatment center near South University’s Royal Palm Beach campus.
Seacoast Bank, the sixth-largest bank headquartered in Florida, will open a 7,795-square-foot retail branch and office on the building’s first floor in May. Based in Stuart, Seacoast Bank made notable acquisitions in 2022, purchasing Miami’s Apollo Bank for $168.3 million and Coral Gables-based Professional Bank for $489 million.
Chelsea Technologies, a New York-based IT services provider for hedge funds, banks, and private equity firms, will take up a 3,221-square-foot office on the 20th floor. Chelsea is scheduled to move in June, relocating from its current office at 101 N.E. 3rd Ave in Fort Lauderdale, according to a spokesperson for Pebb Capital.
Travis Herring and Katherine Ridgway of Cushman & Wakefield represented the building’s landlords in the lease negotiations.
In May 2023, the South Florida real estate firms Pebb, Intalex, and CDS acquired the 110 East Broward Boulevard building for $43 million. At the time of purchase, the 1982-built office tower was only 28% leased, as noted in a press release from the owners.
Source: SFBJ
Spec suites are gaining traction in South Florida’s commercial real estate market.
Fort Lauderdale, in particular, is emerging as a key player in this trend, offering 52 spec suites across 16 properties, totaling more than 61,000 square feet, according to a recent report from Avison Young. This represents a notable increase in activity, with 17 transactions completed so far this year, compared to just 12 in 2023.
The Downtown Fort Lauderdale submarket is leading the way, providing 26 suites spanning over 61,000 square feet. In comparison, Southwest Broward offers 13 suites with a combined 38,000 square feet of space. Smaller spec suite offerings can also be found in areas like Pompano Beach and Hollywood, each providing just over 10,000 square feet.
At present, Fort Lauderdale’s office market includes 29 vacant, built-out spaces, with 23 more still under construction or in the planning stages.
“As more companies look to establish offices in South Florida, spec suites offer a quick and convenient solution, reducing the time and effort required for planning and construction,” said Greg Martin, Managing Director of Avison Young’s Fort Lauderdale office. “Moreover, the increasing demand from tenants seeking to adjust their office space for better productivity is further driving the need for ‘move-in ready’ spaces. The time, cost, and energy savings benefit both landlords and tenants.”
Most importantly, the office sector is recovering from the pandemic’s effects. South Florida is leading the nation in office space recovery, with nearly 90% of employees back to in-office work, according to the Fort Lauderdale Downtown Development Authority.
“Although remote work remains a part of the equation, Downtown Fort Lauderdale has largely remained unaffected by the decline in office worker foot traffic,” the authority noted.
Many industry experts, including those at Goldman Sachs, believe the office market has already hit its lowest point.
Source: GlobeSt.
Three Companies Secure Space At 110 East Broward
/in Done Deals, News/by SFOBA STAFFThe deals bring the building to 64% leased.
Fort Lauderdale’s Office Sector Sees Pick Up In Spec Suites
/in Done Deals, News/by SFOBA STAFFFort Lauderdale, in particular, is emerging as a key player in this trend, offering 52 spec suites across 16 properties, totaling more than 61,000 square feet, according to a recent report from Avison Young.