Tag Archive for: cbre

CBRE Relocates Ft. Lauderdale Office, Signs 13K SF Lease

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CBRE announced plans today to relocate its Fort Lauderdale office to a new 12,993-square-foot space on the 15th floor at Bank of America Plaza, a 23-story office building also known as Las Olas City Centre in downtown Fort Lauderdale.

Part of CBRE’s global “Workplace360” initiative, the new office at 401 East Las Olas Blvd. will feature both state-of-the-art technology and design that enhances workplace experience and seamlessly connects employees. CBRE plans to complete its relocation in Q3 2019.

CBRE’s Workplace360 initiative promotes flexible and mobile working with enhanced technology and features a balance of workplace settings, including both collaborative and private spaces that employees can self-select to accommodate their hour-by-hour needs.

“At CBRE, we pride ourselves in knowing how to enhance the workplace experience to drive business change,” said Scott Correale, Managing Director at CBRE. “We have seen the success of our Workplace360 Miami office, and we are excited to bring this innovative initiative to Fort Lauderdale. Our new office will create a more collaborative culture for our employees in a sustainable environment, and we know it will have a meaningful impact in attracting and retaining top talent.”

“Our new office will showcase a new way of working to our clients, and we are excited to invite them to our new space. They will experience cutting-edge solutions to help inform their decision-making process as they consider their future workplace needs,” said Zach Wendelin, Senior Vice President at CBRE, who represented the firm in the lease transaction.

CBRE is leveraging its in-house Workplace and Project Management services to implement the project from initiation through move-in. Employee committees will participate in decision-making to create a unique office experience that caters to individual health and wellness, while also reflecting the excellence of the CBRE brand and corporate culture.

“From productivity and wellness, to engagement and recruitment, the workplace directly contributes to business results. Better business performance begins with better workplace performance, and at CBRE, we practice what we preach,” said Cicily Scharlach, program manager for CBRE’s Workplace360 initiative. “By driving greater collaboration and productivity, and improving our business agility, our newest Workplace360 office will be an environment where our employees will feel engaged and thrive.”

CBRE will move from its current offices at 200 East Las Olas Boulevard.

CBRE Selected To Lease Office Space At South Florida’s Largest Mixed-Use Project

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Metropica, one of the nation’s largest under-construction mixed-use projects, announced today it has retained CBRE to handle pre-leasing at 1700 Metropica Way, a ±170,000 sq. ft. Class A office building to be completed in 2020. The second phase of Metropica’s office development, which entails up to 500,000 sq. ft., is also available for office leasing and build-to-suits. CBRE’s Carol Elis-Cutler and Chris Gallagher will spearhead leasing efforts for 1700 Metropica Way.

In addition to its office component, once completed, Metropica will encompass more than 2,250 residential units, retail, shopping and entertainment, green spaces, public spaces dedicated to the arts, and a boutique luxury hotel. The project, which is being developed by Metropica Development LLC and designed by the award-winning team of Cooper Carry, CI Design, Oppenheim Architecture, YOO Design Studio and EDSA, is scheduled to complete the first of its eight residential towers and welcome its first residents this December.

“Across the U.S., we are seeing the incredible impact and success similar mixed-use projects are having in their markets, such as Hudson Yards in New York City, Avalon in Alpharetta, Georgia, and Ballpark Village in St. Louis, Missouri. We know Metropica will transform Sunrise and West Broward County, and we are thrilled to be part of this ground-breaking project,” said Carol Elis-Cutler, first vice president at CBRE.

1700 Metropica Way’s Class A office space, which is being developed on the southern segment of the project’s 65 acres, will be set atop street-level retail. Future phases will include the 480,000 sq. ft. business park campus on the northern portion of the site. State-of-the-art WiFi throughout Metropica’s outdoor spaces will ensure full connectivity across the entire property.

“We are delighted to be working with CBRE on the pre-leasing of 1700 Metropica, which will be situated in the heart of Metropica’s vibrant urban, high-street community with access to top retail and dining experiences just steps away,” said Bernard Werner, President and COO of Metropica Development LLC.  “CBRE’s national reach and extensive resources make them an ideal match with our vision to bring top corporations, organizations and industries to this compelling new Class A office building.”

Metropica is located at 1800 Northwest 136th Avenue, on the northeast corner of Sunrise Boulevard and 136th Avenue, west of outlet mall Sawgrass Mills. It is just a few minutes from South Florida’s major highways, including I-75, I-95, I-595 and the Florida Turnpike, less than 15 minutes from Weston and the Fort Lauderdale International Airport, and less than a half hour from the Fort Lauderdale beaches, Boca Raton, and Aventura.

“This is a pivotal point for new office development in Sunrise. With occupancy at an all-time high, large office users in the market have very few options when relocating or expanding,” said Chris Gallagher, senior vice president at CBRE. “Metropica is ideally situated in the true urban epicenter of the tri-county area, offering corporate tenants access to more than 6 million people in South Florida through major transportation hubs within an hour’s commute time. Metropica’s truly innovative nature offers corporate clients major connectivity, state-of-the-art offices with high-tech amenities, and much more.”

According to CBRE’s Q2 Office MarketView report, the Sunrise/Sawgrass submarket currently encompasses more than 2.4 million sq. ft. of office space. Leading corporate headquarters in the area surrounding Metropica include American Express, HBO Latino, AT&T, Magic Leap, and Universal Music.

West Palm Beach Office Building Sells

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CBRE has arranged the sale of Courthouse Commons, a 85,668 square-foot, Class A office building located at 444 West Railroad Ave.

The property was sold for $22.75 million, property records show, by a joint venture between IP Capital Partners and Fir Tree Partners to FoxRock Properties, who was represented by CBRE’s Kevin McCarthy and Kevin Probel.

“This was a highly beneficial off-market transaction for both the seller and the buyer,” said Kevin McCarthy, first vice president at CBRE. “Our client, FoxRock Properties, was looking to purchase a building in downtown West Palm Beach. So, we connected with one of our past leasing clients, IP Capital Partners, to evaluate selling Courthouse Commons. Working with the buyer and seller, we were able to reach a mutually agreeable purchase price, and all parties are highly pleased with the outcome.”

Current tenants at the property include General Services Administration (GSA), which occupies 34,921 sq. ft., Law Firm Burlington and Rockenbach, as well as US Legal Support. Furthermore, Granite Telecommunications will lease 20,841 sq. ft. on the second floor. New ownership plans to install a 6,000-sq.-ft. gym in the first floor, which is currently vacant, and bring in a breakfast/lunch tenant to the small restaurant vacancy on the ground floor.

Building amenities include an attached 5-story parking garage with a covered pedestrian sky walk, providing direct access to the County Courthouse and is just minutes from Palm Beach International Airport and within walking distance to Clematis Street retail, the new Brightline train station and upscale lifestyle center at CityPlace.

According to CBRE’s Q1 2018 Palm Beach Office Report, sales activity in Palm Beach County finished with transactions totaling 274,183 sq. ft. Investors continue to pursue value-add opportunities in Palm Beach County, and it is anticipated that the area will continue to demonstrate positive momentum in 2018.

CBRE Tapped To Market 1 East Broward Blvd.

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1 East Broward Blvd., a 4-Star office building in downtown Fort Lauderdale has hit the market and industry professionals expect that it may trade for more than double its previous sales price of $42 million.

Montvale, NJ-based Ivy Realty Services LLC has also retained CBRE to market the 19-story building, which it purchased in 2011 from One Broward Blvd Holdings LLC, CoStar data shows.

The 351,705-square-foot tower is 91 percent occupied and is the closest office building to the new Brightline commuter train service’s Fort Lauderdale station, says a person who has reviewed the confidential offering memorandum.

The largest tenants include Kemet Corp., Becker & Poliakoff and Quintairios Prieto Wood & Boyer.

 

Source:  CoStar

Sawgrass Pointe I In Sunrise Sells For $51.1 Million

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CBRE arranged the sale of Sawgrass Pointe I, a 230,668-sq.ft. 6-story Class A office building to New York-based True North for $51.1 million.

The property located at 1000 Sawgrass Corporate Parkway in Sunrise was sold by an institutional investor. CBRE’s Capital Markets team of vice chairman Christian Lee and senior vice president José Antonio Lobón represented the seller.

“Sawgrass Pointe I is located in South Florida’s largest office park, Sawgrass International Corporate Park, which is strategically bounded by the Sawgrass Expressway, Interstate 75 and Interstate 595,” explained José Lobón, senior vice president, CBRE Capital Markets. “Being at the nexus of three major South Florida roadway systems offers the business park unmatched access – an estimated 5.6 million people, more than 90 percent of South Florida’s population, live within a 60-minute commute.”

Built in 2002, Sawgrass Pointe I features an above-market parking ratio of 5.0 per 1,000 square feet, water views and recent common area upgrades. The property is 96 percent leased to 17 tenants with a remaining weighted average lease term of more than five years. The office park is the regional headquarters to several blue-chip companies, including Ford, Fidelity Information Systems, AT&T, American Express, Harris Corporation, Xerox and Ticketmaster.

“Sawgrass Pointe I’s location and high-quality modern design make the property extremely attractive to both tenants and investors. Consequently, demand within the investor community was robust,” explained Christian Lee, vice chairman, CBRE Capital Markets.

Market fundamentals in greater Broward County are strong, with positive net absorption and vacancy declining continuously over past six years. Broward’s unemployment rate of 3.3 percent as of October 2017 is the lowest in South Florida, despite robust population growth. The Sawgrass Park submarket has been exceptionally strong. Vacancy has averaged in the single digits over the past six years and currently sits at just 7.6 percent.

The CBRE South Florida Capital Markets team also included Vice President Amy Julian, Senior Vice President Chris Gallagher and Financial Analyst Tyler Ploshnick.

The Forum Office Buildings Trade In $22.5 Million Deal

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CBRE arranged the sale of The Forum in West Palm Beach.

The 185,089 sq.ft. property, consisting of two multi-tenant office buildings and a four-story structured parking garage, is located at 1665 Palm Beach Lakes Blvd.

A subsidiary of Triarch Capital Group acquired the property for $22.5 million.

CBRE’s Miami-based Capital Markets team facilitated the sale on behalf of the seller, Crimson Peak and Panther Capital Management. Vice Chairman Christian Lee oversaw the transaction alongside Senior Vice President José Lobón and Vice President Amy Julian. The Capital Markets team representing the seller also included Financial Analysts Marcos Minaya and Joseph Chick.

Neil Merin of NAI/Merin Hunter Codman and Jonathan Kingsley of Colliers also worked on the transaction.

“The Forum features unparalleled connectivity to Interstate 95, great access to West Palm Beach’s major transportation hubs, the highest covered parking ratio among its peers and an unrivaled amenity base that includes an on-site hotel that will become the winter home to the Houston Astros,” said Christian Lee, vice chairman, CBRE Capital Markets.

Located a half mile east of Interstate 95, the property offers tremendous transportation dynamics–over half of South Florida’s 6 million residents live within a one-hour drive from the property. Additionally, the property is adjacent to the Palm Beach Outlet mall.

“The West Palm Beach submarket has seen five straight years of positive net absorption resulting in a 670-basis point decline in vacancy and 18% market rent growth,” commented José Lobón, Senior Vice President, CBRE Capital Markets. “Combined with a lack of any new office construction underway in the submarket, the outlook is positive for further vacancy decline and market rent growth.”