Tag Archive for: 5900 n andrews ave

Fort Lauderdale Office Building Nearly Fully Leased

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A renovated 1980s-era Fort Lauderdale building is almost entirely occupied following the closure of five recent lease deals.

Cypress Financial Center at 5900 N. Andrews Ave. is now 92% leased, according to a release from the brokerage Cushman & Wakefield. Travis Herring and Katherine Ridgway of Cushman & Wakefield represented the landlord, Tampa-based Vision Properties, in the negotiations.

  • Signature Consultants, an IT consulting firm, will be moving from its current office at 200 West Cypress Creek Road into a 7,038-square-foot space in the Cypress Financial Center in March 2023. Peter Reed of Commercial Florida Realty Services represented Signature Consultants in the lease negotiations.
  • Alpine, a division of Illinois Tool Works, will be relocating from another building in Broward County into a 6,065-square-foot space within Cypress in April 2023. A designer and manufacturer of roof, floor, and wall components, Alpine was also represented by Cushman & Wakefield.

The other three lease deals are with existing building tenants.

  • Prime Education, a research and education company, signed a new lease for the 5,817-square-feet of space it now occupies. The company had previously subleased the space from another tenant but the new lease is through landlord Vision Properties. Prime Education was represented by Mitchell Millowitz of Newmark.
  • Perfume manufacturer and distributor Parlux negotiated directly with Herring and Ridgway to renew the lease of its 2,062-square-foot office.
  • Scott Friedman, vice president of project management for The Morgan Companies, a full service commercial real estate firm, negotiated on behalf of his company to renew its 1,394-square-foot office lease.

South Florida office rents have been trending upward since the height of the pandemic as new-to-market and local companies seek out quality office space. In the third quarter of 2023, Broward County, office rents for Class A and Class B buildings averaged $37.84 a square foot, an increase of 2.9% from last year, a recent from Cushman & Wakefield stated. Within the Cypress Creek/Commercial Corridor rents averaged $34.09 a square foot.

Built in 1988, the 11-story Cypress Financial Center was purchased by a subsidiary of Vision Properties for $44.2 million in January 2021 after a previous deal to acquire the building by another real estate company fell through. The building has since been renovated and includes a cafe, a parking garage, on-site security, and “exclusive on-ramp access to Interstate 95 Southbound,” Cushman & Wakefield stated.

The limited office space available in the Cypress Financial Center is advertised at $24 a square foot on LoopNet.com. That rental rate does not include utilities, property expenses or building services.

 

Source:  SFBJ

JLL Tapped To Lease 200,000 SF Cypress Financial Center

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Steelbridge Capital has selected JLL  to exclusively lease and market their newly acquired asset, Cypress Financial Center, a 198,528-square-foot office building located in Fort Lauderdale.

JLL’s Sandra Andersen, Senior Vice President, and Associate, Chase Kulp, will lead an aggressive leasing effort at the uniquely positioned office building located at 5900 N Andrews Ave.  With excellent highway signage visibility from Interstate 95, Cypress Financial Center is the only building in South Florida with direct ramp access to the highway.

Steelbridge Capital, a privately held, real estate investment company based in Miami and Chicago, acquired the office building in mid-September with the sole objective of re-establishing Cypress Financial Center as the premier office building in the Cypress Creek corridor.

The ownership has outlined a rapid capital improvement program that will focus on significantly upgrading the lobby and common areas, modernizing the elevators and other mechanical enhancements, as well as a complete renovation of the exterior and landscaping features, all designed to return it to its status as one of the pre-eminent office buildings in Broward County.

“We’ve established a great relationship with Steelbridge Capital over the years, and firmly believe we can duplicate the prior leasing success JLL had with this asset,” said JLL Senior Vice President Sandra Andersen. “Our leasing strategy will focus on reintroducing the asset to the market by emphasizing the new ownership and the significant capital investment they are making to restore the building as the marquee property in Cypress Creek and the ideal alternative to Downtown Fort Lauderdale.”

Major tenants at the office tower include global insurance provider MetLife, BDO, TD Bank and commercial real estate brokerage firm Marcus & Millichap.