Tag Archive for: greg martin

Avison Young Secures First Pre-Lease Agreement At Brand New Office Project, Facilitates 29,000 SF Lease Deal

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Avison Young completed the first pre-lease agreement at The Edison Pembroke Pines, a brand-new suburban office project.

Aquila Software, a group of leading software companies, will occupy 28,890 square feet at the South Florida development where Avison Young Principals Greg Martin and Justin Cope exclusively spearhead leasing services. Aquila Software was represented by Jason Carros of Stoltz Realty Florida.

Located along Interstate 75 on S.W. 145th Avenue between Pines Boulevard and Pembroke Road in Pembroke Pines, Florida, The Edison is comprised of more than 330,000-square-feet of class A office space, spanning two three-story buildings and a 5,000-square-foot central amenity building.

“The lease represents a relocation in South Florida, as Aquila Software will consolidate offices from Fort Lauderdale and Medley into its new space at The Edison,” said Martin. “The premier development caters to today’s workforce with its creative design and close proximity to the 400,000-square foot upscale lifestyle center, The Shops at Pembroke Gardens.”

“Aquila Software completed a full market survey and was ultimately drawn to The Edison’s efficient floor plates, high ceilings, large window lines, abundant surface parking, and indoor and outdoor collaboration areas,” said Carros.

According to research by Avison Young, Southwest Broward, where The Edison is situated, posted the lowest office submarket vacancy rate in Broward County at 6.66 percent as of fourth-quarter 2018. The Edison represents one of the few new suburban construction projects in the county, thus attracting tenants looking beyond the urban core for centrally-located space.

“The market continues to show robust interest in the quality product The Edison offers, particularly the unique design and large floorplate opportunities we are able to present to larger space users,” said Cope. “As construction draws closer to completion, we expect to announce additional lease agreements.”

 

 

Avison Young Closes Sale Of Fully-Leased Plantation Office Building

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Avison Young’s Florida Capital Markets Group negotiated the $16.55 million sale of Pointe 1801, a fully-leased, 99,255-square-foot corporate office building at 1801 NW 66th Avenue in Plantation. The property represents the final sale of a three-asset portfolio the team recently listed on behalf of the seller, a leading global private equity firm. The three buildings, including Southpointe and Pointe Broward, sold separately within one month for a total of $49.3 million.

Avison Young Principals David Duckworth; John K. Crotty, CCIM; and Michael T. Fay; Greg Martin; and Senior Associate Brian de la Fé completed the transaction on behalf of the seller. Zaragon, Inc., purchased Pointe 1801 to grow its South Florida investment portfolio. The acquisition is the second transaction involving Zaragon completed this year by Avison Young totaling over $24 million to-date.

“At 100 percent leased, Pointe 1801 offers substantial long-term income; and with only two tenants, it is less management-intensive than most projects,” said Duckworth. “Additionally, a multi-million-dollar renovation by the anchor tenant is underway to accommodate its 90,000-square-foot premises.”

Pointe 1801, which recently underwent lobby and common area renovations, is centrally located in Broward County between Interstate 95 and the Sawgrass Expressway, minutes from Florida’s Turnpike and Interstate 595. This particular area of Plantation has seen a resurgence, as Magic Leap backfilled much of the former Motorola space, Plantation Pointe Retail featuring a Starbucks was developed, and Broadstone Plantation will deliver 250 new residential units in 2018. The submarket overall remains strong.

Plantation Office Building Fetches $18.5 Million

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Avison Young’s Florida Capital Markets Group completed the $18.5 million sale of Southpointe, a 79,719-square-foot, class A office building at 7901 SW 6th Court in Plantation, one of Broward County’s most highly sought-after suburban office submarkets.

On behalf of the seller, Avison Young Principals David Duckworth; John K. Crotty, CCIM; Michael T. Fay; Greg Martin; and Senior Associate Brian de la Fé; facilitated the disposition to The Green Companies.

Southpointe is a four-story, award-winning office building featuring high-end finishes, impact glass, abundant parking, and an efficient design. The property’s close proximity to Interstate 595, great amenities, and high-end residential neighborhoods provides the essential elements for a successful class A office property.

“The sale of Southpointe at $232 per square foot is a reflection of investor confidence in the western Broward County office market,” said Duckworth. “Location and building quality were important factors in this sale. The Green Companies’ purchase was a great strategic move to increase their footprint in Plantation’s robust office submarket.”

Vacancy in Plantation remains one of the lowest in the Broward office market at 5.57 percent, for class A space, according to research by Avison Young. With year-over-year declines in the vacancy rate, strong positive net absorption, limited new construction, and the third highest rental rates in Fort Lauderdale’s metro, Plantation’s suburban submarket continues to generate strong demand in class A office space.

 

Global Law Firm Inks Deal for 12,000 SF In Boca Raton

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Avison Young completed a new 11,730-square-foot lease with global law firm Duane Morris LLP at 1875 N.W. Corporate Boulevard, a 61,905-square-foot class A office building within Lynn Financial Center in Boca Raton.

On behalf of the landlord, Avison Young Principals Greg Martin and Keith O’Donnell facilitated the transaction.

Duane Morris, a law firm with more than 800 attorneys in offices across the United States and internationally, will accompany an impressive tenant list that includes Frank, Weinberg & Black P.L.; Ackerman LLP; Janney Montgomery Scott LLC; Ameriprise Financial; Brown Parker & DeMarinis Advertising; Polen Capital Management, LLC; and Broad & Cassell LLP which recently signed a lease for 16,000 square feet at 1905 N.W. Corporate Boulevard.

“Boca Raton is an important office and part of our presence in South Florida,” said Harvey W. Gurland, Duane Morris Office Managing Partner for Boca Raton and Miami. “We look forward to transitioning to our new home.”

According to Avison Young’s fourth-quarter 2017 Palm Beach County office market report, most of the county’s leasing activity occurred in Boca Raton which led the market in terms of total lease deals. The area’s central location offers a geographic advantage to companies that source employees from northern areas of Broward County and central areas of Palm Beach County.

“Boca Raton’s growing population, attractive amenity base, and ease of access within South Florida’s tri-county area continues to attract and retain top professional firms to the area which boasts a decreasing 10.67 percent class A office vacancy rate,” added O’Donnell.

Lynn Financial Center totals 209,911 square feet of class A office space in three innovative office buildings. The property is positioned in the heart of Boca Raton just minutes from Boca Raton’s Executive Airport and provides easy access to Interstate 95 and Florida’s Turnpike.

 

Avison Young Fills 60,000 SF At Office Tower In Cypress Creek Market

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Avison Young completed 60,000 square feet of office lease transactions at Trade Centre South, a 215,000-square-foot class A office project located in the Cypress Creek submarket of Broward County, at 100 West Cypress Creek Rd.

Avison Young’s Greg Martin, Principal, and Peyton Moore, Vice President, facilitated the transactions on behalf of the landlord.

Several lease agreements at the building demonstrate the trend of office tenants relocating from Downtown Fort Lauderdale and/or expanding within Cypress Creek for quality, cost-effective space.

Recent lease agreements secured by the agency leasing team at Trade Centre South include:

  • a new 20,125-square-foot lease with the Broward Metropolitan Planning Organization for its new headquarters which will facilitate its day-to-day operations, board meetings, and community hearings.
  • a new 4,703-square-foot lease with Whitehouse Engineering.
  • a new 4,395-square-foot lease with AFLAC.
  • a new 2,702-square-foot lease with Paradise Cruises.
  • a new 6,834-square-foot lease with Imperial Brands which represents an expansion and relocation from Downtown Fort Lauderdale.
  • a new 5,049-square-foot lease with Moffa, Sutton, & Donnini which represents an expansion and relocation from Downtown Fort Lauderdale.
  • a 3,390-square-foot lease with new-to-market tenant JDI Data.
  • a 2,029-square-foot lease renewal with American Friends of Hebrew University.
  • a 4,460-square-foot expansion and renewal of Cequint’s previous 5,615-square-foot space for a total of 10,075 square feet.
  • a 2,704-square-foot lease renewal with Triumph Staffing.
  • a 4,290-square-foot lease renewal with ACE/Jiffy Lube.

“Significant increases in rental rates in Downtown Fort Lauderdale are pushing some tenants to evaluate suburban office opportunities,” said Martin. “Trade Centre South provides great value and quality amenities to tenants with an onsite Tri-Rail station, free structured parking, a class A office environment and finishes, all at suburban rental rates significantly lower than the Downtown Fort Lauderdale area.”

One of Cypress Creek’s largest blocks of contiguous space totaling approximately 38,000 square feet is currently available on Trade Centre South’s fifth floor.

Spanning ten stories, Trade Centre South is conveniently located at the crossroads of Interstate-95 and Cypress Creek Road, approximately 15 minutes from the Fort Lauderdale-Hollywood International Airport. Additionally, the property offers a prestigious corporate neighborhood with restaurants, hotels, and nearby amenities.

AY’s Martin & Moore Awarded Pinnacle Corporate Park Leasing Assignment

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Avison Young has been awarded the exclusive leasing assignment for Pinnacle Corporate Park, a 260,000 square foot two-building office campus located at 500 and 550 West Cypress Creek Road in Fort Lauderdale.

Currently 84 percent occupied, the Park is one of the most highly sought after office locations in the Cypress Creek submarket, and brings Avison Young’s total square footage of Florida leasing assignments retained over the past 12 months to more than 425,000 square feet.

Principal Greg Martin and Senior Associate Peyton Moore with Avison Young’s Fort Lauderdale office will oversee the leasing activities for Pinnacle Corporate Park on behalf of the new ownership investment group led by Miami-based Banyan Street Capital and New York-based DRA Advisors.

The acquisition, which took place in November, is the second notable office building sale to close in the area recently, representing an uptick in investor activity within the steadily recovering Cypress Creek submarket.

“The exclusive leasing assignment of Pinnacle Corporate Park is a direct result of our effective approach to marketing the unique attributes of properties to retain and attract tenants,” said Martin. “Working with ownership, we plan to maintain the current success of the Park by identifying potential tenants positioned for the long-term.”

“With Broward County’s increase in employment, declining vacancy rates, and office building construction at a stand-still due to the lack of available land, the search for quality office space is prevalent among growing companies,” added Martin. “Pinnacle Corporate Park’s premier location and value in the market will allow us to secure gold-standard tenants within the buildings.”