Tag Archive for: jll

REIT Planning To Buy Fort Lauderdale Office Tower For $45.5 Million

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Slate Office REIT is planning to buy Cypress Financial Center in Fort Lauderdale for $45.5 million.

The Toronto-based REIT announced it will buy the 201,305-square-foot office building at 5900 North Andrews Avenue for $226 per square foot. Steelbridge CFC LLC, tied to Miami-based Steelbridge Capital, is the seller.

The acquisition is expected to be completed in the second quarter, according to a press release.

The property last sold for $32.5 million in 2014, records show.

Rents at the property are currently 14.5 percent below market, according to the release.

Cypress Financial Center is currently 92.5 percent occupied, with tenants such as City National Bank, Marcus & Millichap, TD Bank, and Altadis.

JLL’s Hermen Rodriguez, Matthew McCormack and Ike Ojala marketed the property for sale.

Slate Asset Management is a real estate focused alternative investment platform with over $6.5 billion in assets under management.

 

Source:  The Real Deal

Stiles Realty’s Madelayne Garcia Renews T-Mobile, New York Life At Lake Shore Plaza II

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Stiles Realty, a division of the full-service commercial real estate firm, Stiles, announced lease renewals for T-Mobile and New York Life Insurance Company at Lake Shore Plaza II.

Stiles Realty Senior Vice President Madelayne Garcia represented the landlord in the transactions. Mitchell Millowitz of NKF and Cameron Tallon of JLL represented T-Mobile and New York Life respectively.

Lake Shore Plaza II

Lake Shore Plaza II

T-Mobile renewed its 21,104 SF office space while New York Life signed a renewal for its 32,942 SF space. Located at 1300 Concord Terrace in Sunrise, Lake Shore Plaza II is a 128,470 SF Class A office building in the heart of Sawgrass Corporate Park. The LEED Silver certified building is located along the Sawgrass Expressway, minutes from shopping, dining and entertainment, including Sawgrass Mills Mall, IKEA, and BB&T Center.

“We are pleased that established global brands such as T-Mobile and New York Life continue to put their trust in us for their office needs,” Garcia said. “These renewals further illustrate the attractiveness of Lake Shore Plaza II for both existing tenants looking to renew as well as new firms moving into the area.”

T-Mobile provides wireless voice, messaging, and data services and operates the third largest wireless network in the nation with more than 65.5 million customers and annual revenues of $32 billion.

New York Life, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States and one of the largest life insurers in the world. New York Life’s family of companies offers life insurance, retirement income, investments, and long-term care insurance.

New Office Tenants Coming To 360 Rosemary, Rosemary Square

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Related Companies that prominent investment firm Comvest Partners and leading artificial intelligence firm Levatas LLC will locate their corporate headquarters in the Rosemary Square neighborhood in Downtown West Palm Beach.

Comvest will relocated to 360 Rosemary, a sustainable Class-A office building that features state-of-the-art, loft-style office space and broke ground on May 16. Levatas LLC, a digital transformation agency and leader in artificial intelligence software, will locate its corporate headquarters to Rosemary Square, expected to open in early 2020.

 

“Our vision for Rosemary Square as a true live, work, play neighborhood is resonating with a diverse roster of businesses that recognize the growing value of dynamic locations in building corporate culture, serving clients, and attracting and retaining great talent,” said Gopal Rajegowda, Senior Vice President of Related Companies. “We are proud to offer our tenants a wide-range of office solutions, all surrounded by a vibrant array of cultural, entertainment, dining and retail offerings in the heart of Downtown West Palm Beach. The corporate relocations will also spur economic and employment benefits for the City and region.”

Comvest Partners, a private investment firm providing equity and debt capital to middle-market companies across North America with $3.2 billion of assets under management, has signed a 26,000-square-foot lease to consolidate its offices in a cohesive space at 360 Rosemary supporting the firm’s anticipated growth for the next decade.

Levatas LLC, a leader in Artificial Intelligence solutions and named as one of the “Top 150 Company Cultures in America” by Entrepreneur Magazine, is relocating its headquarters from Palm Beach Gardens to a 16,000-square-foot space in Rosemary Square injecting an anticipated $1.2M into the local economy and adding 50 new jobs to Palm Beach County. The county’s Business Development Board assisted the Levatas team in the search for office space and assisted with a $350,000 Qualified Target Industry (QTI) Tax Refund from the State of Florida, based on the company’s commitment to create new jobs paying an average of $105,490.

 

Michael Falk, Chairman and Managing Partner of Comvest, said, “We look forward to our partnership with Related as we create an office space that supports Comvest’s continued growth. The move to a dynamic and collaborative space will allow us to foster better interaction among teams and promote innovation and forward thinking.”

 

“Our type of work requires a highly skilled group of engineers, data scientists, designers and project managers, so being accessible to the broadest possible pool of talent is critical,” said Chris Nielsen, Founder and Chairman of Levatas. “The proximity of Rosemary Square to the Brightline, which connects the residents of Miami and West Palm, and soon Orlando, opens up a lot of possibility we didn’t have before, both for employees and clients. It’s also nice to be in a creative, urban hub, close to where many of our employees live and play.”

Anticipated LEED Gold, 360 Rosemary is a 300,000-square-foot building designed by Elkus Manfredi Architects and Leo A. Daly that will bring state-of-the-art, connected and innovative workspaces to South Florida. The 20-story modern building will offer loft-style office space with expansive floor-to-ceiling windows that maximize natural light and 10,000 square feet of outdoor amenity space including two terraces that allow for an exceptional indoor/outdoor workplace environment. Located adjacent to the Brightline high-speed rail station which connects West Palm Beach with Miami and Fort Lauderdale, on 10 local bus routes and just 3 miles from the Palm Beach International airport, the building offers unparalleled access to local transportation hubs. Related Companies has retained construction management company Moss as contractor for 360 Rosemary. The building is expected to be complete in early 2021.

360 Rosemary is located in Rosemary Square, which is currently undergoing a $550 million transformation led by Related to become a vibrant community and destination featuring premiere commercial office space; rejuvenated green spaces; modern residences; diverse, experiential retail and culinary offerings; robust arts and cultural programming—culminating in an exceptional new district to live, work and visit in South Florida.

Jon Blunk, President of Tower Commercial Real Estate, is the exclusive leasing agent for 360 Rosemary and represented Related in both transactions. Comvest was represented by CBRE First Vice President Kevin Probel and First Vice President Kevin McCarthy. Levatas was represented by JLL Vice President Cameron Tallon.

 

Source:  CRE-sources

October Meeting Follow-Up – Sales Tax Update

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Thanks to Adele Stone and Eric Rapkin for another great session and to Sandra Anderson, Elizabeth Jimenez, JLL and Ivy Realty for hosting. Adele wanted to clarify the issue of how the penny surtax in Broward would affect sales tax on commercial rents – here is her response:

SFOBA Members
I want to clarify what was discussed at the SFOBA meeting on Wednesday, October 17th with respect to the 1 penny transportation surtax which is on the upcoming ballot. The fact is that although the 1 penny transportation surtax on the ballot is not tied to the state sales tax (or subject to the same reductions in same), if passed it will be classified as a surtax and surtaxes are paid on commercial rents. The ballot doesn’t indicate any exclusions on the goods and services subject to same.  

This information is being sent for the SFOBA group to know about this if this would be a consideration for them in voting.

 Great event and great turnout!  Good seeing everyone  and thank you for inviting us to participate once again this year.
– Adele Stone

Spirit Airlines Expands HQ At Miramar Park of Commerce By 26,000 SF

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strong>Spirit Airlines has expanded its corporate headquarters by 26,287 square feet at the Miramar Park of Commerce.

Spirit Airlines first established its headquarters at the Park in 1999 with a lease for 56,194 square feet at 2800 Executive Way. With a 14,625 square-foot expansion in 2013 and the latest addition, Spirit now occupies a total of 97,106 square feet at the Park.

“Our expansion at the Park is commensurate with Spirit’s overall growth as a company,” said Chip Sandifer of Spirit Airlines. “Our expanding aircraft fleet requires increased support to accommodate more passengers, both from a customer service and an operational perspective.”

In the last six months, Spirit has added seven new planes to its Fit Fleet®, the country’s newest fleet consisting of the youngest planes.

Spirit Airlines is the eighth largest commercial airline in North America, conducting flights among 67 airports in 15 countries. Fort Lauderdale / Hollywood International Airport is its largest and most active station with 54 destinations accessible via 65 daily flights.

“With this expansion, Spirit has nearly doubled in size since first leasing with us,” said Vice President Maridee Bell of Sunbeam Properties, developer of the Miramar Park of Commerce. “Since relocating its corporate headquarters to Miramar in 1999, the Park has been ideal for the airline due in part to its accessibility and central location in South Florida, which benefits employees based in both Broward and Miami-Dade counties.”

Spirit Airlines employs approximately 1,000 team members at the Miramar Park of Commerce.

“We are growing and adding jobs all the time,” added Derek Dombrowski, spokesperson for Spirit Airlines.

The company anticipates additional growth as it becomes the first ultra-low cost carrier in the Americas to offer Wi-Fi, with plans to install Wi-Fi on all of its planes by summer 2019.

The Park was represented by Bell and Lauren Pace of Sunbeam Properties & Development in the transaction. Spirit Airlines was represented by Rod Loschiavo and David Matthews of JLL.