Tag Archive for: peter reed

Fort Lauderdale Office Building Nearly Fully Leased

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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

CBRE Brings Mizner Office Tower & Mizner Park Plaza Real To Near Full Occupancy With 99,000 SF In Lease Deals

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CBRE's John Criddle, Joe Freitas & Allie Lancashire vCBRE Executive Vice President John Criddle, First Vice President Joe Freitas and Transaction Manager Allie Lancashire announced the signing of 20 lease deals totaling 99,015 square feet at Mizner Office Tower & Plaza, bringing Mizner Park Office Tower to 96% occupied and Mizner Park Plaza Real to 93% occupied.

Mizner Park Office Tower_225 NE Mizner Blvd Boca RatonMizner Park Office Tower is a 7-story building centrally located in Boca Raton’s business district and offers sweeping views of the ocean. With 165,416 square feet of “Class A” office space, free garage parking and 24-hour security services, this premier office tower accommodates companies of all sizes with its superior location, design and service.

The prominent CBRE office team signed Robbins Geller Rudman & Dowd, one of the world’s leading complex class action firms representing plaintiffs in securities fraud, antitrust, breach of fiduciary duty, consumer fraud, and privacy cases, to 26,429 square feet. Headquartered in San Diego, CA, the lease deal marks a relocation and expansion for the law firm from 120 East Palmetto Park Road. Jeremy Hakala with Newmark represented the tenant in the deal.

The team secured new lease deals with Logitix, an advanced ticketing technology firm, for 6,116 square feet, which was represented by Barbara Black and Iker Belauste with JLL; Perr Knight, an actuarial firm, for 4,374 square feet, which was represented by Deborah Fink with CBRE;  ImMune Bio a clinical stage immuno-oncology company, for 5,165 square feet, represented by Tawny Moore with Commercial & Luxury Residential Specialist; and Cetera, a financial group, for 5,252 square feet, which was represented by Brad Armstrong with Vestian Global Workspace Services.

In addition, the team signed the following renewals:

  • Tobin & Reyes, a law office, for 9,380 square feet; represented by Clay Sidner and Jeremy Hakala with Newmark
  • Brockway Moran, a private equity firm, for 3,870 square feet
  • Mesirow, a financial services company, for 2,324 square feet; represented by Jonathan Barbar with Barbar & Associates
  • AGNC, a REIT, for 1,763 square feet; represented by Chase Deuscle with CBRE
  • DA Davidson, an investment banking company, for 1,405 square feet

Criddle and Freitas secured an additional 10,813 square feet in new deals at Mizner Park Plaza Real, located at 327 & 433 Plaza Real Boulevard in Boca Raton.

  • Element Packaging, a packaging solutions company within the beauty and skincare industry, for 3,185 square feet
  • iSella.com, is a real estate brokerage firm to assist out-of-state and international buyers, for 2,345 square feet
  • Tom Murphy (690/720 NE 5th Ave), a family office, for 2,166 square feet, who was represented by Jay Whelchel with Whelchel Partners
  • Palmetto Dental for 1,672 square feet, which was represented by Jonathan Eisenband with Onecore Realty
  • Interactive Offers, a marketing company, for 1,445 square feet

The following renewals were also signed:

  • Regus, a professional business center, for 16,624 square feet; represented by John Marshall with JLL
  • John Henry, for 4,414 square feet; represented by Peter Reed with Commercial Florida
  • Osborne Associates, a law firm, for 2,754 square feet
  • Goldman Felcoski, a law firm, for 2,360 square feet
  • Dr. George, a family practice physician, for 1,224 square feet

Mizner Park Plaza Real offers a total of 102,922 square feet of Class “A” luxury office space with spec suites offering immediate occupancy, featuring Plaza views, free garage parking, downtown convenience within walking distance to many shops, restaurants and amenities.

Both office properties are located within Mizner Park, a luxury landmark that includes retail, office, residential, and cultural space, as well as a 5,000-person-capacity amphitheater. In addition, Mizner Park offers luxury cinema iPic Theaters with their Tanzy dining and high-end bowling alley Strike 10. A collection of popular restaurants includes Loch Bar, Yard House, KaPow!, Max’s Grille, Villaggio Restaurant, and Ruth’s Chris Steak House.

Progress continues to be made on the Brightline Boca Raton station and parking garage located on a 1.8-acre site across from Mizner Park. Work is advancing on the 4.5 story, 455-space parking garage as well as the station’s platform foundations. The 38,000-square-foot station and garage are expected to be completed in the fall of this year. Once completed, the station will be Brightline’s fifth in the state, connecting Boca Raton travelers to Miami, Aventura, Fort Lauderdale, and West Palm Beach, with a forthcoming station in Orlando.

 

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

Streets Of Gold: Palm Beach, Fort Lauderdale Among Priciest Office Rents

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Three South Florida streets rank among the 20 most expensive spots nationwide for office rents, a recent study shows.

Royal Palm Way on the island of Palm Beach was ninth with an average gross per square foot asking price of $58.52, according to Jones Lang LaSalle. The price was up about 1 percent from 2011, the last time Jones Lang LaSalle conducted the study.

Meanwhile, East Las Olas Boulevard in Fort Lauderdale  came in at No. 19, with a gross price per square foot of $36.84, down about 5 percent since 2011.

Brickell Avenue in Miami was the only other Florida street on the list. It ranked 14th at $39.09 per square foot.

The Royal Palm Way, Las Olas and Brickell submarkets command top rents because they attract businesses that serve affluent residents in South Florida, said Peter Reed, broker at Commercial Florida Realty Services. “Those locations are convenient,” Reed said. “People like to know their money is close.”

Royal Palm Way is known as “banker’s row” because of the contingent of wealth management and financial services firms, Jones Lang LaSalle said.

Sand Hill Road in Menlo Park, Calif. has the nation’s highest average office rent at $111. Fifth Avenue in Midtown Manhattan had the nation’s second-highest average rent at $102.

 

Source: Sun-Sentinel

Commercial Florida Realty Brings Hillsboro Center To 95% Occupied

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Boca Raton based Commercial Florida Realty Services has leased 73,146 square feet of office space at the 116,000 square foot Hillsboro Center, located at 600 West Hillsboro Boulevard in Deerfield Beach.

The leases include a new lease with Pylon Manufacturing Corp (10,229 SF), expansion of The Ticktin Law Group (13,712 SF), expansion of Old Republic Tile Insurance Co. (9,441 SF) and the expansion of Dart Container Company (39,764 SF)

“What’s most encouraging is the majority of the Hillsboro Center leasing has come organically, which is a good indicator that the overall economy may well be on the upturn,” stated Peter D. Reed, Managing Principal at Commercial Florida Realty Services, Hillsboro Center’s exclusive leasing firm.

Hillsboro Center is owned by Parkway Properties, Inc., a publically-traded real estate investment trust (NYSE symbol: PKY).

Commercial Boulevard Office Vacancies Soaring

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The office market along the heart of uptown Fort Lauderdale’s Commercial Boulevard offers easy access to Interstate 95 and Florida’s Turnpike and good bargains for businesses seeking breaks on rent.

The mostly older buildings are losing their appeal as tenants leave the stretch for newer and more upscale complexes across Broward County and South Florida.

Real estate brokers say they’re having to forgo traditional office tenants along Commercial and instead are targeting more medical businesses and schools.

“We’re chasing the deals, just like everybody else in that market,” said Peter Reed, a broker at Commercial Florida Realty Services in Boca Raton.

Another broker was even more blunt.

“It’s like hand-to-hand combat retaining and attracting tenants there,” said Jonathan Kingsley, senior vice president at Jones Lang LaSalle in Miami.

As businesses recover from the recession, the region’s most prestigious office buildings are almost fully leased. But second-tier properties continue to struggle. Tenants often prefer newer buildings to them because they offer more efficient layouts and high-speed Internet connections.

Between I-95 and the turnpike, there are 17 buildings in the Commercial Boulevard market consisting of 1.1 million square feet. The vacancy rate is 27.5 percent, well above the 16.5 percent vacancy for all of Broward, according to Commercial Florida Realty.

A 167,270-square-foot building at 2050 Spectrum Boulevard is almost a third vacant, as is a building at 2101 W. Commercial Blvd. Some of the smaller buildings are half-empty.

BellSouth, Orlove Pharmaceuticals, Northwestern Mutual and the Katzman Garfinkel & Berger law firm are among the tenants to leave the Commercial Boulevard market in recent years.

Katzman Garfinkel leased 18,000 square feet at 1501 NW 49th Street for about three years but left in 2011 when it bought a larger building in Margate.

Along Commercial, the firm often found its parking spaces filled by students from a local college, said Donna Berger, managing partner of Katzman Garfinkel. What’s more, the layout of the building was inconvenient, she said.

“When you’re running a business, you’re looking for a big space, parking, and for it to be easy for clients and customers to find you — and you want them to be comfortable when they get there,” Berger said. We had a happy home there for years, but at the end of the day, we just outgrew it.”

Competition from the Cypress Creek market and other complexes in southwestern Broward will make it difficult for Commercial to make a comeback, brokers say.

“There really is no great hope for that corridor,” Kingsley said. “We project that it will always be a secondary market.”

 

Sources: Sun-Sentinel