Tag Archive for: 110 tower

Fort Lauderdale Office Tower Trades For $113 Million

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Cushman & Wakefield negotiated the $113 million sale of 110 Tower, a 394,830-square-foot trophy office building in the Fort Lauderdale CBD.

The Capital Markets brokerage team of Executive Director Mike Davis, Senior Director Rick Brugge, Senior Director Michael Lerner, Executive Director Scott O’Donnell and Senior Director Dominic Montazemi represented Dallas-based seller Genesis Capital Partners XI Ltd., a GenCap Partners, Inc. investment fund. The asset was acquired by Boca Raton-based IP Capital Partners, LLC for $286 per square foot.

110 Tower is a 30-story, Class A office tower built in 1988. As the tallest and most recognizable building in the CBD, 110 Tower features 22 stories of office space, five stories of structured parking, two stories of mechanical space and ground-floor retail and parking. On-site amenities include restaurants, a health club, a full-service bank, as well as conference and entertainment facilities.

In 2011, 110 Tower completed a comprehensive $15 million renovation program that included upgrades to the ground floor lobby; a new 6th Street look; upgraded upper-floor common areas and other interior spaces; replacement and improvement of all building primary mechanical systems; and a unique exterior lighting system. New and existing amenities include 110 Fitness, Subway, That’s A Wrap, Dunkin’ Donuts, Sabadell Bank, car wash, a wrap-around outdoor terrace, ballroom and multiple conference centers.

110 Tower has received numerous accolades, including USGBC of South Florida’s Gala Verde Award as Florida’s Best in LEED for Existing Buildings; BOMA Fort Lauderdale/Palm Beaches’ TOBY Award for Renovated Building of the Year; BOMA’s Southern Regional TOBY Award for Renovated Building of the Year; and the PRISM Award for Renovated Building.

The property’s location at 110 SE 6th Street sits directly across from the new Broward County Courthouse. Fort Lauderdale has also made a commitment to municipal improvements in immediate proximity to 110 Tower, including the completion of the Wave electric streetcar with a stop directly in front of the asset.

“The CBD has evolved into a true live, work and play environment, which is driving strong demand for office space,” said Davis. “Despite the growth in residential construction and population within the CBD, however, there is currently no new Class A office construction. With growing demand and no new supply, rental rates and occupancies in the Fort Lauderdale CBD are expected to continue to grow well into the future.”

 

110 Tower Renovation Gaining Plenty Of Attention

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110 Tower, the LEED Gold certified class A office building in Downtown Fort Lauderdale’s Central Business District has recently closed 40,000 square feet of new office and lease deals with tenants including Lewis Brisbois Bisgaard + Smith, Fort Lauderdale Executive Office Suites, The Broward Safety Council, and Cole, Scott & Kissane, P.A., which has recently expanded.

Subway is also now open on the ground floor. And Trial Copy, a litigation consulting firm specializing in electronic data discovery, computer forensics custom trial graphics, and heavy litigation copy service, is now occupying space in the lobby level.

“We have seen a strong increase in leasing activity due to the completion of the building’s renovations, the progress of the new courthouse, the WAVE, which will stop directly in front of 110 Tower, and the improvements to the 6th Street areas,” stated Laurel Oswald (pictured above), a member of Cushman & Wakefield’s office leasing team for 110 Tower. “Downtown is experiencing tremendous growth in terms of new residential and other infrastructure projects. This has positioned it as a multinational hub of commercial and pedestrian business and 110 Tower is at its core.”

110 Tower was the first option for tenants seeking a LEED Gold-certified building within a multi-tenant high-rise office tower in Downtown Fort Lauderdale. Ownership won the U.S. Green Building Council of South Florida’s GalaVerde Award as Florida’s Best in LEED for Existing Building, as well as BOMA’s regional TOBY Award for Best Renovated Building.

Ownership recently completed a comprehensive $15 million interior and exterior renovation. That renovation included ground-floor retail, lobby and interior common area upgrades, primary mechanical systems enhancements, and installing a unique exterior lighting system.

 

Source:  GlobeSt.

 

 

110 Tower Begins Demolition, Redevelopment

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Demolition of the seventh and eight floors at 110 Tower in downtown Fort Lauderdale has begun.

The last phase of a $15 million renovation includes redevelopment of the floors to make way for 40,000 square feet of office space with a two-story mezzanine design concept. The seventh floor provides direct access to the outdoor wrap-around terrace, the only one of its kind in downtown, and an elevator to the parking garage.

The overall renovation has included upgrades to the lobby; new ground-floor retail; upgraded upper-floor common areas and other interior spaces; replacement and improvement of all primary mechanical systems; and a new exterior lighting system.

Property management and office leasing services are provided at 110 Tower by the Transwestern leasing team of Jennifer Marcus, Eric Groffman, and Josh Gibbons.

110 Tower recently signed three new-to-market tenants: Cole, Scott & Kissane, Freeland Harwin and EVault. Other tenants in the building include GenCap Partners, the owner’s representative, 110 Fitness and Sabadell United Bank.

The building, built in 1988, is located in downtown Fort Lauderdale, directly across from the Broward County Courthouse.

September 7th Designated “110 Tower Day”

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110 Tower, the 30-story, 391,473 square-foot ‘class-A’ office building located in Downtown Fort Lauderdale’s Central Business District, is pleased to announce that Mayor Jack Seiler and the City Commission of Fort Lauderdale have designated September 7, 2011 as “110 Tower Day” in the City of Fort Lauderdale.

The Proclamation, presented by Commissioner Romney Rogers during the City Commission meeting on September 7, was issued in recognition of 110 Tower earning the prestigious LEED Gold certification from the U.S. Green Building Council (USGBC), and comes merely two weeks after 110 Tower also won the GalaVerde award in the LEED for Existing Buildings category presented by USGBC’s South Florida Chapter.

110 Tower is currently the only option for tenants seeking a LEED Gold certified building within a multi-tenant high-rise office tower in Downtown Fort Lauderdale. Less than 300 buildings worldwide have received 110 Tower’s high-level distinction. In addition, 110 Tower achieved an ENERGY STAR® rating from the Environmental Protection Agency (EPA), the only building in the Central Business District to earn this recognition.

David Castilla, president, GenCap Partners, representing the owner of 110 Tower, accepted the proclamation on the team’s behalf, thanking the City of Fort Lauderdale for their unwavering support and reinforcing the team’s commitment to strong sustainability policies in order to afford tenants and surrounding neighbors the long-term benefits their investment provides.

110 Tower is in the midst of a comprehensive $15 million renovation program that includes upgrades to the ground floor lobby, new interior and exterior retail spaces, upgraded upper-floor common areas, restroom and other interior spaces, replacement and improvement of all building primary mechanical systems, and a unique exterior lighting system. Since coming on board as the building’s property management and commercial leasing team in 2009, Transwestern has leased more than 200,000 square feet of office space of which 90,000 are new tenants. 110 Tower’s onsite property management team utilized the expertise of Transwestern Sustainability Services, a LEED consulting firm based in Milwaukee, to achieve their goals for 110 Tower. The team included AECOM, City Construction, Coastal Building Maintenance, ECO and DebonAir Mechanical.

In order to achieve the heightened standards of LEED Gold from USGBC, GenCap Partners and Transwestern incorporated a number of enhanced eco-friendly strategies, resulting in an even greater environmental impact. These features included:

  • Energy Efficiency:  The Tower’s Energy Star score was 86, placing it in the top 14% of similar buildings nationwide. The building emits 33% less greenhouse gas emissions than an average building, and is saving more than $198,000 on utility bills annually.
  • Sustainable Site: A highly reflective roof surface and an 8,798 square-foot vegetated roof area reduces the urban heat island effect, and minimizes the impacts of microclimates on humans and wildlife.
  • Water System Efficiency:  The implementation of a water efficiency program, including plumbing fixture retrofits, accomplished a 35% reduction of water use in all fixtures.
  • Green Cleaning:  The Tower utilizes products and equipment that are toxin-free to preserve air quality in the building.
  • Recycling: Implementation of a waste stream audit and occupant education programs to increase the amount of recycling and waste diversion in the building.
  • Purchasing:  The Tower uses a green office supply purchasing program to minimize the environmental impacts related to energy use, resource depletion, and waste.

Sacks And Reed Close15,000 SF Expansion

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George Sacks and Peter D. Reed, principals of Commercial Florida Realty Services, announced a 15,298sf lease expansion transaction.

Before the Atlanta-based law firm of McCalla Raymer, LLC had an opportunity occupy its new 15,298sf office at 110 Tower in Downtown Fort Lauderdale, the firm exercised its pre-negotiated option to lease an additional floor.

McCalla Raymer has now leased the 24th and 25th floor or 30,596sf at the recently renovated 110 Tower.

The landlord, Genesis Capital Partners XI, Ltd., was represented by Transwestern. 110 Tower is now over 70% leased. The lease value is in excess of $5,000,000.

Source:  FREJ