Tag Archive for: jll

Boca Office Building Goes Under Contract For $24 Million

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Less than three years ago, Mainstreet Capital Partners and Davis Cos. paid $28.3 million for two office properties and vacant land in Boca Raton.

Now the firms stand to recoup most of that money by selling just one of the assets – a five-story office building at 900 Broken Sound Pkwy NW.

The 115,986-square-foot building is under contract for $24 million, CoStar reported.

The buyer is an institutional investor affiliated with the NAI / Merin Hunter Codman in West Palm Beach, according to a person involved in the negotiations.

The other assets in the $28.3 million portfolio were 5500 Broken Sound Blvd. NW and a nine-acre parcel.

The building at 900 Broken Sound Pky once housed Nokia and Siemens. It’s now 80 percent leased to three tenants: CSL Plasma, Geosyntec Consultants and Score at the Top.

Peter Reed, a Palm Beach County office broker not involved in the sale, said the transaction is part of a trend in which landlords are cashing out more quickly than they have in the past. He noted that recent owners of the Esperante and CityPlace Tower office buildings in West Palm Beach also have sold those properties after only a few years.

“That’s become more the mindset of owners,” said Reed, with Commercial Florida Realty Services in Boca Raton. “Owners aren’t necessarily holding on for five, seven, 10 years anymore.”

900 Broken Sound Pky was built in 1989 in what was then known as the Arvida Park of Commerce, a 700-acre corporate business park. It has since been renamed The Park at Broken Sound as part of a rebranding that also included a rezoning that cleared the way for retail and residential. The additional uses make the park more attractive to investors, brokers say.

“The [rezoning] has been a big driver in value,” said Brady Titcomb, a broker with JLL. “Now there’s a whole neighborhood that you didn’t have before.”

 

Source:  CoStar

Ryan Nunes Joins JLL As Executive VP

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As JLL expands its footprint in South Florida’s commercial real estate market and grows its best-in-class brokerage team, the firm announces the hiring of Ryan Nunes as Executive Vice President of the firm’s Broward and Palm Beach offices.

In his role, Mr. Nunes will work closely with JLL’s South Florida leadership to help drive business development, support talent recruitment and advancement, and act as a brand ambassador by playing an active role in the firm’s community engagement. He will also serve as a member of JLL’s South Florida Leadership Council.

With more than 12 years of experience advising corporate users and executing complex transactions, Mr. Nunes has worked with businesses ranging from Fortune 500 Companies to early-stage enterprises on successfully structuring real estate strategies that meet their financial and operational objectives.

Prior to joining JLL, he served as Vice President at CBRE for five years, focusing on providing tenant advisory services in South Florida. Before that, he worked for Studley in Washington, DC for seven years.

 

“As we add top talent to our team of trusted advisors in South Florida, Ryan will play a critical role in scaling our team’s intellectual capital to expand our market footprint in the Broward and Palm Beach markets. He will join a top-performing brokerage team that specializes in serving clients across all three South Florida counties,” said JLL Managing Director Alan Kleber. “Ryan’s ability to serve clients as a trusted advisor and commitment to serving his community are qualities that make him a great fit for the team and culture JLL is building in the region.”

Mr. Nunes has extensive experience developing business strategies and real estate solutions on behalf of public and private sector clients for multi-market real estate pursuits, with a focus on serving clients in the Broward and Palm Beach markets. Among the companies he has represented regionally and internationally are Convey Health Solutions, Princess Cruise Lines, Fanatics and the City of Fort Lauderdale.

 

“Joining JLL gives me the opportunity to become part of a best-in-class organization that is highly invested in cultivating talent, as it continues to grow its presence as a market leader across South Florida,” Mr. Nunes said. “I look forward to further expanding our business footprint and market share in Broward and Palm Beach, while also strengthening our culture and supporting our team of talented advisors in their professional growth.”

Mr. Nunes earned a bachelor of arts degree in sociology from the University of Pennsylvania. He has served as a guest lecturer at Georgetown University’s McDonough School of Business and Catholic University’s Columbus School of Law.

JLL Reps Healthcare Technology Firm In Record Palm Beach Office Lease

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The JLL team of Barbara Liberatore Black, Managing Director; Alan Kleber, Managing Director; and Vice President Cameron Tallon just completed one of the largest office deals in the West Palm Beach market so far this year, according to a release.

The firm represented Modernizing Medicine, a healthcare technology company headquartered in Boca Raton, in an expansion of over 50,000 square feet. Modernizing Medicine will expand its operations to the Boca Raton Innovation Center (BRIC) and with this expansion will add a total of 838 jobs by 2022.

JLL represented the tenant in the lease transaction and its Project Development Services division is also overseeing the buildout of the new offices.

“As a health information technology leader born here in South Florida, Modernizing Medicine continues to drive innovation in the healthcare technology field with specialty-specific solutions for physicians. We worked closely with Modernizing Medicine’s leadership to ensure the expansion could accommodate its current operations and future growth,” said Black.

“This lease allows the company to expand its operations in the Boca Raton Innovation Center, while creating hundreds of new jobs and making a significant economic contribution to Palm Beach County. By leasing over 50,000 square feet, Modernizing Medicine will be able to grow its presence in a building known for hatching breakthrough innovations,” Black said.

Headquartered in Boca Raton, Modernizing Medicine was founded in 2010 by chief executive officer Daniel Cane and chief medical and strategy officer Dr. Michael Sherling and has quickly grown to more than 550 employees. The company empowers physicians with suites of mobile, specialty-specific solutions designed to transform how healthcare information is created, consumed and utilized to increase efficiency and improve outcomes.

Cane said, “We are extremely excited to expand our presence and create more jobs across a wide range of fields in South Florida. As a Florida-based technology company, it’s not lost on us that we’re in the backyard of where the modern day era of technology was born. We’re proud to work with Enterprise Florida, the City of Boca Raton and the Business Development Board of Palm Beach County to continue to enhance the already stellar reputation as an area of innovation and growth. I look forward to seeing the company’s long-term impact on the community as well as the modernization of medicine.”

 

 

JLL Closes Leases With Two Tenants Totaling 22,000 SF

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JLL announced the closing of a lease renewal with long-time tenant TD Bank and a new lease with Allied Integrated Marketing totaling 22,000 square feet of office space at Cypress Financial Center, a 198,528-square-foot class A office building in Fort Lauderdale.

The property, located at 5900 N. Andrews Ave., is owned by Steelbridge Capital, a privately held, value-focused real estate investment company based in Miami and Chicago.

Sandra Andersen, Senior Vice President at JLL, represented Steelbridge Capital in both transactions.

Existing tenant TD Bank renewed its 16,675-square-foot lease and was represented by CBRE Senior Vice President Mathew J. Saker, CBRE Vice President John Jaspert and CBRE Transaction Manager Caroline C. Barone.

Allied Integrated Marketing signed a new lease consisting of 5,325 square feet and will occupy the eighth floor of the building. Allied Integrated Marketing is a full-service agency with 22 offices working with the world’s largest entertainment, culture and lifestyle brands. The tenant was represented by Bob Orban, Senior Vice President, and Tyler Wyant, Associate, at Savills Studley.

“Cypress Financial Center is situated at the geographic center of South Florida, making it the most accessible location to the region’s six million residents, an attractive factor for companies seeking office space,” said JLL’s Sandra Andersen. “The property underwent extensive renovations last year, which has contributed to attracting and retaining top-quality tenants who are seeking an office location with high-end finishes and downtown prestige in a convenient uptown location.”

Cypress Financial Center is the only office complex in South Florida with a direct on-ramp to I-95. Recently completed renovations include upgrades to the lobby and select common areas, complete tower and garage elevator modernization, exterior painting and sealing, replacement of monument and directional signage, new landscaping and exterior lighting.

 

JLL Tapped To Lease 200,000 SF Cypress Financial Center

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Steelbridge Capital has selected JLL  to exclusively lease and market their newly acquired asset, Cypress Financial Center, a 198,528-square-foot office building located in Fort Lauderdale.

JLL’s Sandra Andersen, Senior Vice President, and Associate, Chase Kulp, will lead an aggressive leasing effort at the uniquely positioned office building located at 5900 N Andrews Ave.  With excellent highway signage visibility from Interstate 95, Cypress Financial Center is the only building in South Florida with direct ramp access to the highway.

Steelbridge Capital, a privately held, real estate investment company based in Miami and Chicago, acquired the office building in mid-September with the sole objective of re-establishing Cypress Financial Center as the premier office building in the Cypress Creek corridor.

The ownership has outlined a rapid capital improvement program that will focus on significantly upgrading the lobby and common areas, modernizing the elevators and other mechanical enhancements, as well as a complete renovation of the exterior and landscaping features, all designed to return it to its status as one of the pre-eminent office buildings in Broward County.

“We’ve established a great relationship with Steelbridge Capital over the years, and firmly believe we can duplicate the prior leasing success JLL had with this asset,” said JLL Senior Vice President Sandra Andersen. “Our leasing strategy will focus on reintroducing the asset to the market by emphasizing the new ownership and the significant capital investment they are making to restore the building as the marquee property in Cypress Creek and the ideal alternative to Downtown Fort Lauderdale.”

Major tenants at the office tower include global insurance provider MetLife, BDO, TD Bank and commercial real estate brokerage firm Marcus & Millichap.

JLL Grows Broward Office Team

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JLL announced the addition of Chase Kulp as Associate Broker in the firm’s Fort Lauderdale corporate office to specialize in office agency brokerage.

In his role, Kulp will work closely with JLL Senior Vice President Sandra Andersen in completing office real estate leasing transactions and offering landlord and tenant representation services.

“As the firm continues to grow, the addition of Chase is an asset to our team, as he has experience in the local public sector and commercial real estate industry,” said JLL South Florida Managing Director Steven Medwin. “The company will offer the tools for Chase to continue to hone his skills and gain further experience and expertise to build his career at JLL.”

Before joining JLL, Kulp held the position of Business Development Assistant at the Greater Fort Lauderdale Alliance, Broward’s official public-private partnership for economic development. In this capacity, he worked on business development projects and the management of real estate and geographic information databases and built relationships with both local business leaders and government officials in Broward County. He has also previously worked for members of the US Congress in Washington, D.C. and more recently on a Florida US Senate campaign in 2012.

He earned a Bachelor of Science and a Bachelor of Arts from Florida Atlantic University in Boca Raton. Kulp currently has a Florida Real Estate Sales Associate License and will be pursuing a broker’s license in the near future. He is on the board of Emerge Broward, a program of the Leadership Broward Foundation, serves on the board of the Greater Fort Lauderdale Chamber of Commerce’s Young Professionals Committee, NAIOP’s Developing Leaders Committee, and Urban Land Institute’s Young Leaders Group.