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Cypress Creek Office Park Reaches 94% Occupancy With New Lease Deals, Renewals And Expansions

August 6, 2023/in Done Deals, News/by SFOBA STAFF

The park was 80% occupied when Feldman Equities acquired the property about two years ago.

Cushman & Wakefield Represents Landlord & Tenant In Huge Office Lease Renewal, Expansion

July 30, 2023/in Done Deals, News/by SFOBA STAFF

The transaction marks the largest office lease renewal completed in Broward County since 2019.

Cypress Creek Office Park Reaches 94% Occupancy With New Lease Deals, Renewals And Expansions

August 6, 2023/in Done Deals, News/by SFOBA STAFF

The park was 80% occupied when Feldman Equities acquired the property about two years ago.

Cushman & Wakefield Represents Landlord & Tenant In Huge Office Lease Renewal, Expansion

July 30, 2023/in Done Deals, News/by SFOBA STAFF

The transaction marks the largest office lease renewal completed in Broward County since 2019.

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Cypress Creek Office Park Reaches 94% Occupancy With New Lease Deals, Renewals And Expansions

August 6, 2023/in Done Deals, News/by SFOBA STAFF

Feldman Equities announced it has achieved a 94%+ occupancy following the signing of numerous new leases at Pinnacle Corporate Park, a Class A office campus at 500 and 550 West Cypress Creek Road in Ft. Lauderdale.

Pinnacle Corporate Park, located in the Cypress Creek submarket in North Ft. Lauerdale, is adjacent to the intersection of West Cypress Creek Road and is immediately adjacent to a Tri-Rail railroad station.

The roster of new and expanded tenants at Pinnacle Corporate Park includes:

Sound Income Group, LLC- 11,900 SF new lease
Maxim Healthcare Staffing Services, Inc.-8,314 SF new lease
Dimension Hospitality-7,757 SF new lease
La Cava Jacobson and Goodis, P.A.-5,919 SF new lease
Legacy Staffing-2,928 SF new lease
Clean Initiative FL, Inc.-2,287 SF new lease
Parsons Services Company-1,824 SF new lease
Harmon Inc.-1,502 SF new lease
Chen Moore and Associates, Inc.-12,405 SF lease renewal and expansion
Ascendo-6,292 SF lease renewal and expansion
Your LTC Resource, Inc.-1,592 SF lease renewal and expansion
Johnson & Martin, P.A.-1,465 SF lease renewal and expansion
Filomena’s Bean Café-1,410 SF new lease

“We’re thrilled to extend a warm welcome to our new tenants joining the dynamic community of Pinnacle Corporate Park,” said Larry Feldman, President and CEO of Feldman Equities. “We’re committed to providing a topnotch experience for our tenants, and the recent additions to our tenant roster are a testament to the capital improvements we’ve implemented. At Feldman Equities, we have worked very hard to enhance the overall environment and services we offer to our valued tenants.”

Pinnacle Corporate Park was 80% occupied when Feldman Equities acquired the property about two years ago. Following the acquisition, ownership has recently completed a multimillion-dollar renovation to the property. The renovations were designed by the world-renowned Gensler architectural firm. Improvements include:

Large high-end fitness center
First-class tenant lounge with soft seating and private meeting booths
Indoor and outdoor game area
New café with indoor and outdoor seating
Patio area with new pergolas for shade
New lighting throughout the common areas of the building

Pinnacle Corporate Park boasts near immediate access to Interstate 95 and is walking distance to hotels, restaurants, retail and banking and following the renovations, the buildings are now the best-amenitized office buildings in the Cypress Creek submarket. Pinnacle Corporate Park also offers EV charging stations and an on-site parking ratio of four spaces per 1,000 rentable square feet.

Despite the weaker office market nationally, the Sunshine State’s office market is benefitting from robust job growth, nation-leading population growth, a business-friendly regulatory climate and an influx of employers and workers from other parts of the United States.

Cushman & Wakefield Represents Landlord & Tenant In Huge Office Lease Renewal, Expansion

July 30, 2023/in Done Deals, News/by SFOBA STAFF

Ultimate Kronos Group, Inc. (“UKG”) has completed a 140,599-square-foot long-term office lease renewal and a 14,072-square-foot office lease expansion (cumulatively 154,671 square feet) at Weston Pointe, located at 2250 North Commerce Parkway in Weston.

Ultimate Software Group, Inc., which merged with Kronos Incorporated in 2020 to form UKG, was founded in Weston in 1990. UKG currently operates a dual headquarters model, with one headquarters located in Lowell, Massachusetts and the other in Weston, Florida.

Cushman & Wakefield’s Deanna Lobinsky and Chase Kulp represented the landlord, an institutional client of New York Life Real Estate Investors, in the lease negotiations. John Boyle, Tony Jones, and Mary Burnieka, also of Cushman and Wakefield, represented the tenant, UKG.

“At nearly 155,000 square feet, this market-making transaction is the largest office lease renewal completed in Broward County since 2019. With the execution of this lease, UKG, one of the largest and most recognizable HCM, payroll, and workforce management technology companies in the world, has reaffirmed its commitment to maintaining a strong office and employment presence in both Weston, FL and Broward County, respectively. Our team worked with ownership to develop a strategy to mitigate the risks of new development in the area and secured a long-term lease that was extremely accretive for the asset,” said Lobinsky, Executive Director at Cushman & Wakefield.

“On behalf of ownership, we are very excited to have renewed and expanded UKG at Weston Pointe. The property is now 97% leased with a 7.5 year weighted average lease term, which is an incredible accomplishment given the current macroeconomic headwinds facing the office sector. We couldn’t be more pleased with Deanna and Chase’s persistence and performance in executing this renewal with such an important tenant for our client,” added Joe Thomas, Director of Asset Management at New York Life Real Estate Investors.

Weston Pointe is a four-building, Class A, suburban office asset acquired by New York Life Real Estate Investors in January 2016. Weston Pointe is situated at the intersection of I-75 and Royal Palm Boulevard in one of the most prestigious office submarkets in Broward County. The property offers abundant parking, on-site property management provided by Foundry Commercial, a recently modernized tenant fitness center, and the property recently achieved LEED Silver certification and a Fitwel Level 1 designation.

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Half Sized Blog Element (Multi Author Style)

Cypress Creek Office Park Reaches 94% Occupancy With New Lease Deals, Renewals And Expansions

Cushman & Wakefield Represents Landlord & Tenant In Huge Office Lease Renewal, Expansion

Cypress Creek Office Park Reaches 94% Occupancy With New Lease Deals, Renewals And Expansions

Cushman & Wakefield Represents Landlord & Tenant In Huge Office Lease Renewal, Expansion

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Cypress Creek Office Park Reaches 94% Occupancy With New Lease Deals, Renewals And Expansions

Cushman & Wakefield Represents Landlord & Tenant In Huge Office Lease Renewal, Expansion

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