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Duke Realty Signs 47,000 SF In Office Deals

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The South Florida office of Duke Realty Corporation (Duke Realty) has announced that it signed 46,960 square feet in office leases in the first quarter of 2013. This volume resulted from leases with several new tenants, as well as renewals and expansions by existing customers.

“Our ability to attract and retain tenants in our South Florida properties is testament to the appeal of these buildings in terms of location and quality,” said Ed Mitchell, Senior Vice President of Duke Realty’s South Florida operations. “Our local team also has excellent insight into the market, so we are well-positioned to offer knowledgeable recommendations as well as superior space options.”

Duke Realty’s South Florida office was represented by Chris Gallagher, Vice President, Leasing, and Stephanie Rodriguez, Senior Leasing Representative, in all of the following office leases:

  • Pediatrics Associates, the largest pediatric group in Florida, moved its corporate office to 24,091 square feet in Royal Palm II, a Class A office building located at 1000 South Pine Island Road in Plantation. Chris Coots with Flagler Investment Property Group represented Pediatrics Associates in the transaction.
  • Also in Royal Palm II, the GSA signed a new lease for 12,821 square feet. Sterling Hedley with Smith Real Estate Services, in conjunction with CBRE, represented the GSA in the transaction.
  • In another new lease, Darkside Gaming leased 10,048 square feet in Sawgrass Building A located at 13800 Northwest 14th Street in Sunrise. Zach Wendelin with Cresa served as the tenant representative.

Justin Cope, Leasing Representative, represented Duke Realty in closing 416,132 square feet in industrial transactions during the same quarter.

110 Tower Begins Demolition, Redevelopment

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Demolition of the seventh and eight floors at 110 Tower in downtown Fort Lauderdale has begun.

The last phase of a $15 million renovation includes redevelopment of the floors to make way for 40,000 square feet of office space with a two-story mezzanine design concept. The seventh floor provides direct access to the outdoor wrap-around terrace, the only one of its kind in downtown, and an elevator to the parking garage.

The overall renovation has included upgrades to the lobby; new ground-floor retail; upgraded upper-floor common areas and other interior spaces; replacement and improvement of all primary mechanical systems; and a new exterior lighting system.

Property management and office leasing services are provided at 110 Tower by the Transwestern leasing team of Jennifer Marcus, Eric Groffman, and Josh Gibbons.

110 Tower recently signed three new-to-market tenants: Cole, Scott & Kissane, Freeland Harwin and EVault. Other tenants in the building include GenCap Partners, the owner’s representative, 110 Fitness and Sabadell United Bank.

The building, built in 1988, is located in downtown Fort Lauderdale, directly across from the Broward County Courthouse.

Sawgrass Office Park Changes Hands

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N/S Sawgrass Office Associates LLC, a company managed by Stiles Corp., sold Sawgrass Technology Park, located at 1601 NW 136th Ave. (N. Harrison Parkway) in Sunrise on Tuesday.

Fifteen Gap Sawgrass LLC, a company managed by Miami-based Fifteen Group, is the buyer. The company obtained a $40.84 million loan from Wells Fargo Bank N.A. for the acquisition.

In February 2012, Madelayne Garcia, Stiles Realty Director of Real Estate, inked a  long-term extension of the 116,000-square-foot Sheridan Healthcare lease in the park. Garcia received NAIOP’s prestigious Office Lease Transaction of the Year Award of Excellence for all of South Florida for that lease.

The Stiles-managed company paid $79 million in 2005 for the complex.

DCOTA Brings 35,000 SF In New Tenants Aboard

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In a series of separate transactions that continues the upsurge of office leasing activity at owner/developer Charles S. Cohen’s Design Center of the Americas (DCOTA), nearly 35,000 square feet of office space has been leased at the distinctive 30-acre, three-building Class A corporate center, bringing the total square footage of office deals to-date to over 100,000 square feet.

In the largest transaction, Magic Leap, a cutting edge digital animation and cinematic reality experience creator, has leased 11,500 square feet on the 4th floor at 1855 Griffin Road for its corporate offices.  The company, which is relocating from Hollywood, was represented by Bennett David of Sara David Realty, Inc.  John Criddle and Jon Blunk of Cushman & Wakefield of Florida, as well as Marc Horowtiz and Jennifer Doering of Cohen Brothers Realty, represented the landlord in the 8-year leasing transaction.

In another recent transaction, Orthosenor, Inc., a developer of orthopedic devices and real-time medical software, has leased 10,000 square feet on the 3rd floor for its new southeast headquarters.  The company is relocating from Sawgrass Corporate Park in Sunrise. John Criddle and Jon Blunk of Cushman & Wakefield of Florida, as well as Marc Horowitz and Jennifer Doering of Cohen Brothers Realty, represented both the tenant and the landlord in the 6-year leasing transaction.

Also relocating to DCOTA is ALS Management Solutions, LLC, a mortgage and loan servicing business which has taken 7,997 square feet of office space on the 3rd floor for its new Broward County headquarters. The company, which is currently located in Cypress Creek, was represented by Alex Brown of Cresa Partners in the nine-year transaction.

And finally, Empire Estate Holdings LLC, a newly formed internet marketing firm, has leased 5,300 square feet. Travis Herring of CBRE represented the tenant while John Criddle and Jon Blunk of Cushman & Wakefield of Florida, together with Marc Horowitz and Jennifer Doering of Cohen Brothers Realty, represented the landlord in the 7-year leasing transaction.

According to John Criddle and Jon Blunk of Cushman & Wakefield of Florida, exclusive office leasing agent for DCOTA, the 775,000-square-foot property, outstanding amenities, central location and close proximity to major highways were key factors in attracting all four tenants.

“While the property is extremely popular in the art/design community, we are seeing a strong uptick in leasing activity from non-design tenants as well,” Criddle said, noting that the new deals come on the heels of two other notable recent office transactions at the complex, including a 15,069-square-foot lease for Avis Budget Group and a 9,406-square-foot lease for Hull & Company.

Charles S. Cohen heads a multi-faceted real estate development company that owns and manages over eleven million square feet of prime Class A Manhattan, West Side Los Angeles and Houston commercial space. Among his signature New York commercial properties are 623 Fifth Avenue, 135 East 57th Street, 805 Third Avenue, 750 Lexington Avenue, 622 Third Avenue, 979 Third Avenue, 3 East 54th Street, 475 Park Avenue South, the D&D Building at 979 Third Avenue and 333 Westchester Avenue in White Plains, NY.

Steve Heim Parts Ways With RWNK

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Stephen A. Heim, CCIM, has recently joined forces with Randy Rauch in the formation of Rauch Heim Commercial Real Estate LLC.

Randy and Stephen worked together for five years while at NAI Rauch Weaver Norfleet Kurtz (RWNK) prior to Randy leaving in 2011 to form Rauch Realty Group LLC. Heim joined RWNK in February 2006, most recently serving as Executive Advisor.

As partners, Rauch and Heim will bring over 60 years of experience to their new firm.

Rauch and Heim were both raised in South Florida followed by many years being actively engaged in the real estate industry, As a result, they have developed an extensive network of clients, developers, investors, brokers, community business leaders and contacts throughout the South Florida region.  Rauch is well known in the industrial sector while Heim is equally well known in the office market.  Heim is delighted to return as a principal to a boutique firm where he intends to continue to develop an advisory practice dedicated to a select and growing list of clients.

Rauch Heim Commercial Real Estate is located at 290 SW 12th Avenue, Suite 11, in Pompano Beach.  Heim can be contacted at 954-703-2325 / sheim@rauchheim.com.

Freehof Closes 30,000 SF Office Sale

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Brenner Real Estate Group has announced the sale of a 30,000 square foot Coral Springs office building and a industrial lease for 12,000 square feet in Pompano.

Phyl’s Academy Preschools, Inc. purchased a 30,000 SF office building located at 11411 NW 56thDrive, Coral Springs, FL for a preschool. Bert Freehof, Vice President, Commercial Brokerage represented the seller, CMS Charter School. The buyer was represented by Dane Lahlah of Keyes Real Estate.

Phyl’s Academy is a private school operating in New York and South Florida for over 30 years with multiple locations. The sale price was $4,300,00.00.