Tag Archive for: cushman & wakefield

Broward Office Campus Changes Hands

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Executive University Courts, a 97,125-square-foot office campus in Broward County, has sold.

Cushman & Wakefield Managing Director Dominic Montazemi, Senior Associate Greg Miller and Executive Director Scott O’Donnell represented Kas University LLC in the disposition.

MYP Executive, LLC acquired the asset for $9.3 million, or $96 per square feet.

Executive University Courts comprises six, two-story inter-connected office buildings built in 1987. The buildings’ garden layout offers private tenant access to suites from a lushly landscaped courtyard with a tranquil water feature. Ownership’s modest capital improvements in the buildings have helped push occupancy from 50.0 percent to 84.1 percent in just three years.

Executive University Courts sits on a 5.9-acre site at 4300 North University Drive in central Broward County. This highly visible location is easily accessible via Florida’s Turnpike and the Sawgrass Expressway.

“The property’s visibility and above-average parking, as well as the strong population density in the immediate submarket, are tremendous demand drivers for potential tenants,” said Montazemi. “The layout of the buildings also provides tenants direct access to their suites and an enhanced level of privacy.”

“There is also significant potential to capture additional medical tenancy,” added Montazemi, noting there are four hospitals with over 1,000 beds within four miles of the campus. “Given the asset’s proximity to local hospitals, private access to suites, and restrooms within the tenant spaces, there is a strong case for adding value by strategically leasing additional space to medical-related tenants.”

 

Cresa Announces Appointment Of Regional Business Manager

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As part of its continued strategic South Florida growth and expansion plans, Cresa announced it has appointed Stephanie Katona as Regional Business Manager.

Prior to joining Cresa, Ms. Katona had been with Cushman & Wakefield for seven years in the firm’s Midtown Manhattan world headquarters.  During her seven year tenure at Cushamn & Wakefield, Ms. Katona was instrumental in the success of a number of major transactions, including but not limited to high profile deals on Fifth Avenue, in Times Square and in Lower Manhattan.  In total, her team was responsible for approximately 1.9 million square feet of leasing, with a transaction value of $4.5 billion.  She brings a wealth of operational and transactional knowledge to Cresa, making Ms. Katona a key hire in the company’s growth in the South Florida region.

This latest announcement comes shortly after Cresa announced the hiring of industry vet Glenn Olson, the opening of its new Ft. Lauderdale office, and robust growth and expansion plans for the firm in South Florida.

 

“South Florida is and will continue to be one of the most important markets for our firm globally,” stated Cresa CEO Jim Underhill.  “Continually adding top-notch talent as we have done here with Stephanie and all the recent key hires in South Florida is only the start for us, as we plan to be strategic, diligent, and committed to a long-term South Florida presence,” added Underhill.

 

“Cresa is selectively seeking office and industrial talents in the South Florida region with plans to double the number of quality brokers by end of 2018,” added Caroline Fleischer.

 

Touchstone Webb’s Laureen Hunter Negotiates Sale Of Girl Scout’s Office Building

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Laureen Hunter of Touchstone Webb Realty Company represented the seller, Girl Scouts of Southeast Florida, Inc., in the sale of 4701 NW 33rd Avenue in Oakland Park.

Jeff Holding and A.J. Belt of Cushman & Wakefield of Florida, Inc., represented the buyer, CB & TL, LLC, in the purchase of the 20,594-square-foot, two-story office building for $3,440,000.

The deal closed December 9.

Touchstone Webb was also tapped in August to secure a new 15,000 to 20,000-square-foot combined office, to be located in southern Palm Beach County, and to locate two new Girl Scout retail stores to serve the organization’s members in the Oakland Park and Jupiter markets.

 

Rents For Office Space In Florida Up Almost 10 Percent

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Rents for Class A office space in Florida are up almost 10 percent over last year.

Cushman & Wakefield said in a report released last week that the average square foot of office space statewide was renting for $32.26. That’s a 9.5 percent increase over last year.

Not surprisingly, South Florida had some of the priciest commercial rental rates in the state. A square foot of office space rented for $42.71 in Miami-Dade County. It was $38.38 in Palm Beach County and $33.90 in Broward County.

The Interstate 4 corridor was a bit less. A square foot of office space rented for $26.16 in Tampa and $23.70 in Orlando.

A square foot of office space rented for $21.31 in Jacksonville.

 

Source:  Miami Herald

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.”

 

C&W’s Criddle, Freitas Negotiate 83,000 SF In Lease Deals At Cypress Executive Center

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Cushman & Wakefield leasing agents John Criddle and Joseph Freitas have leased more than 83,000 square feet of space at Cypress Executive Center.

Criddle and Freitas represented ICM Realty Group in securing new leases with Delphi Behavioral Health Group, Wells Fargo Bank and Royal Seas Cruise Lines and secured lease renewals with Whiting-Turner Contracting Company and Humana Medical.

Cypress Executive Center is a six-story, 140,635-square-foot, Class A office building located in the heart of Cypress Creek at 1901 West Cypress Road.

ICM purchased Cypress Executive Center in early 2015 and has since successfully repositioned the building into a Class A property via an aggressive building renovation program. Improvements include the complete renovation of the building lobby, common areas, rest rooms and exterior landscaping, plus newly added amenities including a tenant wi-fi lounge, café and conference facility.

“We’re seeing tremendous interest in Cypress Executive Center driven by both ICM’s capital investments and prevailing market trends, which are driving demand in non-CBD markets like Cypress Creek,” said Criddle.

According to Cushman & Wakefield research, a tightening downtown Fort Lauderdale office market has boosted suburban demand. Coupled with significant regional employment gains, the Broward County office market stands to see significant gains in the coming months.

“As the Downtown CBD becomes less of an option due to limited space, many suburban markets that have not peaked will become more attractive to those forced out of downtown due to the high asking rental rates and restricted space availability,” wrote Senior Research Analyst Valerie Tatum in the firm’s 2Q 2016 Broward County Office MarketBeat report. “With limited construction in the pipeline, Cushman & Wakefield anticipates market fundamentals to tighten through the back end of 2016.”