Tag Archive for: cushman & wakefield

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

/in , /by

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.

 

Cushman & Wakefield Arranges 12,000-SF Office Lease For Largest Privately-Owned Global Coworking Franchisor

/in , /by

Cushman & Wakefield has arranged a new long-term lease totaling 12,149 square feet for Office Evolution and Venture X at the District Pointe office building in West Palm Beach.

Office Evolution and Venture X will lease the fifth floor and create a superior coworking space that offers a community of entrepreneurs, established businesses, and startups a flexible workspace and opportunities for professional collaborations.

Anthony Librizzi and Tara England of Cushman & Wakefield represented the landlord, District Pointe, LLC, in the lease negotiations. Derek Baker of Colliers represented the tenant.

“This transaction reflects the on-going trend of flexible office providers growing at a break-neck pace here in South Florida,” said Librizzi, Managing Director at Cushman & Wakefield. “The offerings provided by these flex space operators are meeting the demands of many small and start-up companies here in South Florida. And District Pointe, with its complete renovation of the interior and exterior of the building, is attracting significant interest from a number of industries in our market.”

Owner District Pointe, LLC is a joint venture between Verdex Construction and Index Investment Group that was formed to purchase the property in November 2021. As part of the acquisition, the building was rebranded as District Pointe and Verdex Construction announced plans to occupy a floor for their new U.S. headquarters.

“We welcome Office Evolution and Venture X to this building, that will be part of a larger redevelopment occurring around Centrepark Boulevard and Belvedere Road to create a great environment for live-work-play with additional apartments, restaurants, retail, and sports facilities being built,” added Bjarne Borg, CEO of Index Investment Group.

District Pointe is located at 1501 Belvedere Rd. and sits directly across from Palm Beach International Airport. Recently made available for multi-tenant use, the office building allows tenants to benefit from close proximity to the airport and Interstate 95 as well as the amenities offered at the Warehouse District. The office building will soon offer additional amenities including a structured parking garage, on-site restaurant, and pickle and Padel ball courts as part of a massive interior/exterior renovation project currently underway.

 

110 East Broward Blvd. Sells, Marks Fort Lauderdale’s Largest Office Transaction Of The Year

/in , /by

Real estate and private equity firms Pebb Capital and Intalex Capital, in partnership with CDS International Holdings Inc. (CDS), announced the acquisition of a trophy ’Class A’ office building in the urban core of Fort Lauderdale.

The transaction, which closed on May 15, marks the largest ‘Class A’ office deal in downtown Fort Lauderdale this year.

Pebb Capital and Intalex Capital purchased 110 East, located at 110 East Broward Blvd., from Stockbridge for $43 million.

Christian Lee, Andrew Chilgren, Marcos Minaya and Sean Kelly of CBRE brokered the transaction on behalf of both the buyer and seller.

At the entryway to downtown Fort Lauderdale, 110 East is situated in the middle of 15,000 multifamily units developed in the last decade and is within walking distance to more than 30 restaurants and the famed Las Olas Boulevard. Conveniently located near major transportation hubs, the property is just two blocks from the Brightline Station and a 10-minute drive to Fort Lauderdale-Hollywood International Airport.

The 24-story tower consists of 343,500 square feet of space. During the pendency of the contract, Pebb Capital and Intalex Capital commenced leasing efforts and secured approximately 76,000 square feet of new tenancy.

The partnership is actively negotiating another 125,000 square feet of new leases to stabilize building occupancy years ahead of their anticipated underwriting. Travis Herring and Katherine Ridgway of Cushman & Wakefield have worked with Pebb Capital and Intalex Capital to oversee leasing velocity.

As a premier commercial offering, 110 East has the largest block of contiguous office space available in the market with panoramic views of the ocean, intra-coastal waterway and downtown. Adding to its prestige will be multi-million-dollar renovations to common areas, including bathrooms, fitness center, terraces and lobby, which follow substantial renovations completed by Stockbridge in 2021.

“This deal is a significant success for our portfolio, working nearly a year to finalize it as capital markets shifted,” said Todd Rosenberg, co-founder and managing partner of Pebb Capital. “South Florida has remained a bright spot in domestic office activity, with strong fundamentals to continue this trajectory of business and population growth. Combine this with Fort Lauderdale’s economic outlook and the value-add opportunity of 110 East, the conditions align with our office investment strategy of acquiring and developing more than 600,000 square feet in the tri-county area.”

Cushman & Wakefield’s Q1 2023 Broward County MarketBeat Office Report notes, in the coming quarters, an expected positive absorption year-to-date, with continued demand for larger leases in the Central Business District. The market also saw a historic record of overall office rates exceeding $55-per-square-foot this year. According to Intalex Capital Founder Bryson Ridgway, the deal and current market dynamics set in motion a concerted effort by the firms to aggressively acquire more South Florida office assets.

“110 East Broward is a great opportunity to take advantage of current dislocation in the office segment and capital markets,” added Bill Milmoe, President of CDS. “As soon as we completed our diligence and understood Pebb Capital and Intalex Capital’s business plan, we were enthusiastic to provide the LP capital for this very exciting project. We are bullish on South Florida and have the utmost confidence in the team to execute the business plan. The rapid pace of pre-closing leasing activity confirms that this is going to be a superlative opportunity.”

Greenwall Capital Management advised CDS in the transaction and Kapp Morrison, LLP provided legal representation to CDS.

 

Cushman and Wakefield’s Deanna Lobinsky And Chase Kulp Rep Bridge In Two New Lease Deals At Sawgrass Technology Park

/in , /by

Bridge Commercial Real Estate (Bridge), a commercial brokerage subsidiary of Bridge Investment Group, announced two new leases at Sawgrass Technology Park, a 514,332-square-foot, 11-building office complex in Broward County.

Kahane and Associates and Acentria Insurance, a Foundation Risk Partners Company will occupy approximately 27,000 square feet at the 56-acre campus known for its Mediterranean-style architectural design and surrounding lush landscape and lake. Centrally located in the heart of the thriving Sunrise submarket at the confluence of I-75 and I-595, the business park is surrounded by premier shopping, dining and entertainment destinations, bolstering the complex’s status as one of the most highly amenitized professional office buildings in Broward County.

Bridge signed a 12,000-square-foot deal with Kahane and Associates, P.A., a consumer finance litigation law firm relocating from Plantation, and a 15,000-square-foot lease with Acentria Insurance, an insurance company relocating from Fort Lauderdale. Sawgrass Technology Park’s upgraded amenities and central location positions the office park to be the ideal home for these new leases as they enter their next chapter of growth and expansion.

Cushman and Wakefield’s Deanna Lobinsky and Chase Kulp represented Bridge in both transactions.

The new leases reflect the broader “flight to quality” trend as office users across the U.S. seek highly amenitized and repositioned office buildings to provide for their employees and encourage retention. Bridge has invested $7.5 million in capital improvements across Sawgrass Technology Park, including an updated amenity hub with a fitness center, conference center, management office, game room, TVs and a modern cafe to serve as the center’s first on-campus food option.

“We are thrilled to welcome these dynamic companies to our tenant roster at Sawgrass Technology Park, which has become a top destination for professional talent in the region,” said Kelly Kuykendall, managing director at Bridge Investment Group. “The overall lack of new office products in surrounding submarkets has created new opportunities for landlords that made strategic investments to reposition their properties shortly before and during the pandemic. These leases reflect how many of those buildings are now capturing a healthy share of market demand in Broward.”

According to a recent report from Cushman & Wakefield, Sunrise and other submarkets in West Broward accounted for more than 246,000 square feet of positive net absorption in Q3, offsetting losses in other parts of the region. Year-over-year asking rents climbed by nearly 3% despite recent economic turbulence. Another recent study from CBRE shows Broward has registered nearly one-third of total leasing activity in South Florida over the last year, despite only having just over 25% of the region’s total inventory.

C&W Named Exclusive Leasing Agent For 100,000 SF Cypress Creek Office Building

/in /by

Cushman & Wakefield has been retained as the new exclusive leasing agent for the newly-branded The Gateway at Cypress Creek, a 101,104-square-foot office building located at 200 W Cypress Creek Rd.

Donna Korn and Beau Ladwig of Cushman & Wakefield will oversee leasing efforts for the building, including the 81,600 square feet of space currently available, on behalf of new property owner 200 W Cypress Creek Holdings LLC. The building was purchased in December 2021 for $14.5 million.

The building, formerly known as Broward Trade Centre, is located at the intersection of Cypress Creek Road and the I-95 on-ramp. The office building features Class A finishes and visible building signage from Interstate 95. The Tri-Rail is also immediately adjacent to the building, providing easy access to and from the property.

“We are excited to announce the re-named ‘The Gateway at Cypress Creek’ prominently located in the heart of Cypress Creek.  With recently completed lobby and facade upgrades, the Gateway at Cypress Creek has multi-level, full floor availability and provides rarely available building signage with preeminent visibility from I-95,” added Ophir Sternberg, Founder & CEO of Lionheart Capital, LLC.

 

Fort Lauderdale Office Building Nearly Fully Leased

/in , /by

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