Tag Archive for: greg martin

JLL Adds Trio Of Veteran Office Brokers To South Florida Team

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JLL announced that veteran office brokers Greg Martin and Justin Cope have joined the firm’s South Florida office brokerage team as Senior Managing Directors, along with Lisa Blumer as Senior Vice President. The established trio from Avison Young further strengthens JLL’s office agency leasing team across Broward and Palm Beach counties and reflects the firm’s continued investment in bolstering its brokerage team with deep local market knowledge and client relationships.

Martin, Cope and Blumer bring extensive experience advising institutional and private landlords throughout South Florida. Together, they have represented a diverse portfolio of office properties across Broward and Palm Beach counties, with experience spanning landlord representation, office leasing, tenant representation and building sales.

“South Florida is still one of the most active and competitive office markets in the country, especially across Broward and Palm Beach, where you’re seeing steady leasing activity and a real flight to quality,” said Dan McGowan, Executive Managing Director and South Florida Broker Lead at JLL. “Greg, Justin and Lisa have spent years in these markets, know the inventory inside and out, and just as importantly have built strong, lasting relationships with owners and tenants. Bringing in a team that already works so well together allows us to hit the ground running and continue delivering for our clients across the region.”

Martin brings 30 years of commercial real estate experience and has specialized in the leasing of Class A and B office properties throughout Broward and Palm Beach counties. Prior to joining JLL, he was a founding partner of Avison Young’s Florida operation and helped grow the firm’s presence across the state. Earlier in his career, he held roles with Cushman & Wakefield, CBRE and Flagler Real Estate Services. Martin has been recognized as South Florida NAIOP Broker of the Year and previously served as president of NAIOP’s South Florida chapter. Martin graduated from Westminster College with a Bachelor of Arts in Business.

Since 2006, Cope has worked in South Florida commercial real estate specializing in landlord representation and the leasing of Class A office properties. Prior to joining JLL, he served as a Principal at Avison Young. Earlier in his career, he was a Senior Leasing Representative with Duke Realty Corporation, where he was responsible for generating new leases and renewals across more than three million square feet of office, industrial and retail properties in South Florida. He also previously worked at Cushman & Wakefield. Cope graduated from Penn State University with a Bachelor of Science in Logistics / Supply Chain Management and holds the Society of Industrial and Office Realtors Designation (SIOR) designation.

Blumer specializes in agency office leasing and provides strategic real estate advisory services to institutional and private landlords across Broward and Palm Beach counties. She began her commercial real estate career in 2015 in Tampa before relocating to South Florida. Blumer holds the Certified Commercial Investment Member (CCIM) designation and a Bachelor of Science in sociology from Florida State University.

189,000-SF Broward Office Building Back In Play

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A 189,000-square-foot office building in Sunrise is being offered to prospective tenants, adding another large block of available space to Broward County.

Chetu Inc., a global software development company headquartered in Sunrise, has retained Avison Young brokers Justin Cope, Greg Martin and Lisa Blumer to market the five-story building at 1500 Concord Terrace. The property sits within the 22-acre Sawgrass International Corporate Park, a location near Sawgrass Mills and the broader Sawgrass business district.

Chetu currently occupies one full floor totaling about 36,000 square feet. The remaining four floors have reportedly been vacant for several years, creating a rare opportunity for a tenant seeking a full-building presence or a large contiguous office footprint. The owner has indicated it would consider relocating if a user wanted to lease the entire property.

The space is being marketed at roughly $30 per square foot on a triple-net basis and is described as fully built out and immediately available. The property also includes a 7,500-square-foot data center on the first floor, which could appeal to users with technology, operations or infrastructure needs.

Chetu has said it is not leaving the market and remains in growth mode. A company spokesperson stated that the firm is expanding and hiring.

The building is owned by Bansi Properties, the real estate development company led by Chetu CEO Atal Bansal. Bansi Properties acquired the asset for $25 million in 2021, with plans at the time for Chetu to anchor the building while leasing the balance to outside tenants.

The Sunrise property followed Chetu’s earlier development of a 63,000-square-foot headquarters in Plantation, which opened in 2019. The company later said its growth required additional space. Bansi Properties also secured a long-term IRS lease at the Plantation building for the agency’s Broward County office.

The listing comes as Chetu continues to deal with legal fallout from customer disputes. In October, the company was ordered to pay more than $500,000, including punitive damages, in a fraud case involving a Washington state barbershop chain that alleged the company failed to deliver promised software while continuing to collect fees. Chetu appealed the decision in January.

Source: Bisnow

Fort Lauderdale’s Office Sector Sees Pick Up In Spec Suites

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Spec suites are gaining traction in South Florida’s commercial real estate market.

Fort Lauderdale, in particular, is emerging as a key player in this trend, offering 52 spec suites across 16 properties, totaling more than 61,000 square feet, according to a recent report from Avison Young. This represents a notable increase in activity, with 17 transactions completed so far this year, compared to just 12 in 2023.

The Downtown Fort Lauderdale submarket is leading the way, providing 26 suites spanning over 61,000 square feet. In comparison, Southwest Broward offers 13 suites with a combined 38,000 square feet of space. Smaller spec suite offerings can also be found in areas like Pompano Beach and Hollywood, each providing just over 10,000 square feet.

At present, Fort Lauderdale’s office market includes 29 vacant, built-out spaces, with 23 more still under construction or in the planning stages.

“As more companies look to establish offices in South Florida, spec suites offer a quick and convenient solution, reducing the time and effort required for planning and construction,” said Greg Martin, Managing Director of Avison Young’s Fort Lauderdale office. “Moreover, the increasing demand from tenants seeking to adjust their office space for better productivity is further driving the need for ‘move-in ready’ spaces. The time, cost, and energy savings benefit both landlords and tenants.”

Most importantly, the office sector is recovering from the pandemic’s effects. South Florida is leading the nation in office space recovery, with nearly 90% of employees back to in-office work, according to the Fort Lauderdale Downtown Development Authority.

“Although remote work remains a part of the equation, Downtown Fort Lauderdale has largely remained unaffected by the decline in office worker foot traffic,” the authority noted.

Many industry experts, including those at Goldman Sachs, believe the office market has already hit its lowest point.

 

Source: GlobeSt.

Avison Young To Lease 750,000 SF Of Office Space At Proposed Mixed-Use Project In Sunrise

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Avison Young has been tapped by GL Commercial as the exclusive marketing and leasing agency for the three-building suburban office component of the Radius at Sawgrass in Sunrise.

Spanning 31 acres just off of the Sawgrass Expressway with excellent frontage along Sunrise Boulevard, the proposed mixed-use project consists of 750,000 square feet of office, 50,000 square feet of retail, and 750 residential units.

Avison Young’s Greg Martin, Principal and Managing Director of the firm’s Fort Lauderdale operations; Justin Cope, Principal; and Lisa Blumer, Senior Associate, will lead leasing efforts on behalf of Sunrise-based GL Commercial.

“Corporate relocations continue to ramp up in South Florida as several global brands and businesses currently seek space in the market,” said Martin. “We look forward to engaging the international resources our firm has developed through our integrated consulting and data analytics platform to help secure the right corporate users.”

According to Avison Young’s market analysis, 205 companies moved from multiple regions to Florida since 2018. Post-Covid office users are particularly attracted to lifestyle campuses where employees can live, work, and play. Radius is positioned to draw tenants that desire to be proximate to current major employers in the area, such as Ultimate Software, American Express, Ford Motor Company, HCA Parallon, AT&T, T-Mobile, DHL, and GL Homes.

“With its central location and complementary retail and multifamily components, Radius at Sawgrass offices are ideal for companies interested in a Southeastern footprint,” added Martin. “As a global firm, our team members collaborate across markets and partner with economic redevelopment agencies to identify corporations interested in relocating headquarters or staking new flags in South Florida.”

 

Weston Office Building Changes Hands

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Avison Young’s Florida Capital Markets Group closed the $8.3 million sale of the 33,720-rentable-square-foot landmark office building, Weston Commerce Center, at 1625 N Commerce Parkway in Weston.

The asset was the second of the seller’s 100% occupied, two-building portfolio to sell within three months, both sales totaling $17.2 million.

The seller, HRE/SEFIRA Weston Office, LLC, a joint venture between Highline Real Estate Capital and Sefira Capital, acquired the portfolio in 2017 for $13 million. Fox Ridge Capital, LLC was the buyer in the transaction.

On behalf of the seller, the Weston Commerce Center sale was completed by Avison Young Principals David Duckworth; John K. Crotty, CCIM; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; Vice President Brian C. de la Fé; and Associates Emily Brais and Berkley Bloodworth. The team also facilitated the sale of the portfolio’s other building, a J.P. Morgan Chase Bank-anchored building at 1040 Weston Road, for $8.9 million in December 2020.

“Weston Commerce Center maintained its 100% occupancy rate during the pandemic, which is a testament to the strength of the asset and the market and what attracted strong investor interest,” said Duckworth. “Our client, with the support of the Avison Young leasing team, worked diligently to increase the portfolio’s value and led to a notable return on investment following the sales.”

At the time of the HRE/SEFIRA acquisition in 2017, the properties were 82% occupied. Over the course of three years, the ownership partners increased occupancy to 100% and grew the portfolio’s net operating income by nearly 45%.

“When we acquired the portfolio, we recognized the strength of the Weston submarket and saw the opportunity to drive occupancy and rental rates through the completion of aesthetic improvements and proactive asset management,” said David Moret, President of Highline Real Estate Capital. With the assistance of Avison Young’s leasing team including Principal Greg Martin and Senior Associate Lisa Blumer, the buildings reached full occupancy well ahead of schedule, and we were able to substantially increase rental rates, which ultimately led to two successful sales during a pandemic after a hold period of less than four years.”

 

Class A Office Portfolio In Fort Lauderdale Hits The Market

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Avison Young’s Florida Capital Markets Group has been exclusively tapped on behalf of a fund managed by DRA Advisors LLC to sell Pinnacle Corporate Park, a two-building, class A office portfolio at 500 and 550 W. Cypress Creek Road in Fort Lauderdale.

The asset totals 259,458 square feet on 14.31 acres in Broward County’s Cypress Creek submarket.

Avison Young Principals John K. Crotty, CCIM; David Duckworth; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; Greg Martin, and George Vail will lead the sale. The transaction team also includes Avison Young Vice President Brian C. de la Fé and Associates Berkley Bloodworth and Emily Brais.

Over the past 24 months, the Avison Young leasing team led by Martin completed 17 lease transactions totaling 91,000 square feet

“Pinnacle Corporate Park is the most desirable property in the Cypress Creek submarket due to its strong occupancy, rental rate growth, and immediate potential for lease-up,” said Crotty. “In addition to the existing value, the offering provides the opportunity to maximize land on the site in the coming years through residential development.”

Pinnacle Corporate Park coming to market represents the trend of large funds and institutional owners’ confidence to sell large office assets again, as sales declined immediately following the pandemic. The deal would be similar to the recent $78.42 million Plantation Crossroads three-building portfolio sale.

“We are seeing an uptick in demand for investors looking to deploy capital in well-located South Florida office assets,” said Duckworth. “Pinnacle Corporate Park is ideally situated near major expressways, transit, and amenities, and provides the perfect opportunity.”

Pinnacle Corporate Park is positioned in the heart of Fort Lauderdale’s Uptown Urban Village, a master plan that supports the development of a thriving, transit-supportive, mixed-use neighborhood. Its offices are less than a mile from Interstate 95 and directly accessible from the Cypress Creek Tri-Rail station.