Tag Archive for: stigliano commercial real estate

Meridian Center Of Boca Raton Achieves 95% Occupancy

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Meridian Center of Boca Raton, a premier two-building, 52,000-square-foot office campus located at 6501 and 6531 Park of Commerce Blvd. within the prestigious Park at Broken Sound business park, has reached 95% occupancy, according to Reese Stigliano, President of Stigliano Commercial Real Estate.

In the latest lease transaction, Barentz North America, LLC has renewed their lease for 14,408 square feet. Barentz is a global specialty ingredients distributor and solutions provider. Barentz serves customers across multiple industries including Human & Animal Nutrition, Personal Care, Plastics, Household Care, Industrial & Institutional Cleaning, Pharmaceuticals, and Specialty Intermediates.

Stigliano represented the landlord in this transaction.

“The strong leasing activity at Meridian Center is a testament to the quality of ownership, professional property management, and the site’s exceptional accessibility,” said Stigliano. “Tenants benefit from unmatched connectivity to I-95, Tri-Rail, Brightline, Boca Raton Executive Airport, Palm Beach International Airport, and Fort Lauderdale-Hollywood International Airport.”

Reese Stigliano, President of Stigliano Commercial Real Estate, is a seasoned veteran of the South Florida commercial real estate market, bringing over 40 years of experience to the industry. He specializes in office leasing, investment sales, and land transactions, and also serves as a registered governmental lobbyist. In this role, he advises clients on zoning, land use, and site plan approvals, providing strategic guidance through complex regulatory environments.

Reese Stigliano Announces Boca Raton Regus Opening

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Reese Stigliano, President of Stigliano Commercial Real Estate, has announced the completion of a Regus-branded coworking facility at 6501 Park of Commerce Blvd in Boca Raton.

The Regus facility will occupy the entire second floor of the building, spanning approximately 13,000 square feet. The space will feature 58 private offices, three meeting rooms, and a large co-working area.

This new location marks the third Regus facility in the city. The 13,000-square-foot workspace is designed to cater to the growing demand for flexible office solutions, particularly among professionals seeking hybrid work environments. The choice of this location is strategic given its proximity to residential areas, making it convenient for workers who prefer to work closer to home.

Mr. Stigliano was deeply involved in several aspects of this project. He not only served as the exclusive leasing agent, but also took on multiple roles such as the Owner’s Representative, negotiator for the Regus transaction, and oversaw tenant improvements and design. His contributions were critical to both securing Regus and ensuring that the property was prepared to meet its needs as well as those of the owner, Castle Boca, LLC.

With over 40 years of experience in the South Florida commercial real estate market, Reese Stigliano is a recognized leader in the industry. As President of Stigliano Commercial Real Estate, he specializes in land sales, investment sales, and office leasing. His expertise in closing complex commercial transactions has been a hallmark of his successful career.

 

Stigliano Closes Sale Of Boca Raton Office Buildings

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Reese Stigliano, president of Stigliano Commercial Real Estate, announced the sale of 6501 & 6531 Park of Commerce Blvd. in Boca Raton.

The property consists of 2 multi-tenant office buildings totaling 52,000 square feet. The buildings are situated on 4.35 acres in the prestigious Park at Broken Sound, formerly known as Arvida Park of Commerce, located just north of Yamato Road west of I-95 in Boca Raton.

6501 park of commerce blvd

The sale closed on December 21 for $8.9 million, which equates to $170 per square foot. Stigliano represented the Buyer, Castle Boca, LLC, in the transaction. CBRE’s Jeff Kelly, Sean Kelly and Dave Wigoda represented the Seller, MTI PROPERTIES FLORIDA LLC.

According to Stigliano, “The transaction took over 6 months to close which is significantly longer than usual in today’s market.”

The Buyer assumed a $5.1 million existing Commercial Mortgage-Backed Securities (CMBS) Loan.

“CMBS loans are desirable due to lower interest rates but they are very expensive to prepay and the procedure to assume is arduous. Fortunately, the Seller and Buyer had the patience to work though the loan assumption process,”  he added. 

Stigliano Commercial Real Estate has also been appointed the exclusive leasing agent for the property, which has approximately 13,000 square feet of vacant space.

Reese Stigliano is a recognized leader in the South Florida commercial real estate market, with over 40 years of experience. As President, he focuses on land sales, investment sales and office leasing for the firm. Stigliano’s talent in bringing complicated commercial transactions to a close has been evident throughout his successful brokerage career.

 

Engineering Firm Renews Corporate Headquarter Lease

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Reese Stigliano, president of Stigliano Commercial Real Estate, represented Miller Legg & Associates in the 10,380-square-foot lease renewal and expansion of their corporate headquarters at 5747 North Andrews Way in Fort Lauderdale.

Miller Legg is a 55-year-old, award-winning engineering and environmental consulting company that specializes in landscape architecture, surveying, utility planning and environmental engineering.

According to Stigliano, “We did an extensive search for alternative locations throughout Broward County. After a comprehensive financial analysis of several viable alternatives, the most economical choice was to renew and expand at their current location in the Cypress Creek submarket of Fort Lauderdale.”

The Cypress Creek submarket, with an inventory of 8.4 million square feet, currently has a 12% vacancy with rents close to 10% below the metro average. The Greater Fort Lauderdale office market of approximate 70 million square feet, has seen a significant escalation of rents due to strong demand as well as increases in tenant improvement costs and real estate taxes. Overall office rate vacancy in Greater Fort Lauderdale stands at 8%.

Reese Stigliano“In light of the coronavirus outbreak, the decision to renegotiate their existing lease was indeed fortuitous,” said Stigliano. “We were able to secure a very economical solution with an expansion option to provide Miller Legg the ability to keep their overhead low with the flexibility to expand when necessary.”

Reese Stigliano is a recognized leader in the South Florida commercial real estate market, with over 35 years of experience. As President, he focuses on land sales, investment sales and office leasing for the firm. Mr. Stigliano’ s talent in bringing complicated commercial transactions to a close has been evident in his successful 35-year brokerage career.

Stigliano Negotiates Full Floor Lease At Fort Lauderdale’s Port Royale Financial Center

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Reese Stigliano, president of Stigliano Commercial Real Estate announced that Keefe, McCullough & Co., LLP has renewed its lease for the entire 14,393-square-foot fourth floor at Fort Lauderdale’s Port Royale Financial Center.

Stigliano represented the tenant, one of the largest CPA firms in South Florida, in negotiating the $2.1 million, 12-year extension. Stigliano has represented the firm since 1992 when they initially leased a portion of the 4th floor at Port Royale, located at 6550 N. Federal Highway. The final negotiation included a six-figure tenant improvement allowance, and several expansion and renewal options.

Port Royale Financial Center

According to Stigliano, office rents in Fort Lauderdale metro have posted an average annual gain of 5.2% over the last three years. Vacancies average 8% which are below the national average of 10% for Class A office space. There is 1.6 million SF of new construction underway representing a 2.3% expansion of the existing inventory. Over the last three years, only 776,000 SF has been delivered or a cumulative inventory expansion of 1.1%

“What this lease renewal does is provide the tenant with long term stability on their cost of occupancy in a prestigious Class A office building. Also, this allows the tenant to focus on growing their core business without worrying about outgrowing their space and having to relocate in a very tight real estate market.” said Reese.

Reese Stigliano is a recognized leader in the South Florida commercial real estate market and brings over 35 years of experience in commercial real estate to Stigliano Commercial Real Estate. As president, he focuses on land sales, investment sales and office leasing.