Tag Archive for: travis herring

Cushman & Wakefield Negotiates 60,000 SF In Office Leases In Pembroke Pines

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Cushman & Wakefield announced that it has negotiated seven new office leases at Pembroke Pointe 880 totaling 59,130 square feet.

The office leasing team of Executive Director Deanna Lobinsky, Executive Director Travis Herring, Director Katherine Ridgway and Associate Chase Kulp executed the leases on behalf of building owner and developer Duke Realty.

Pembroke Pointe 880 is a 143,355-square-foot Class A office building developed in 2015. Lobinsky, Herring, Ridgway and Kulp were selected to lease the building by Duke Realty in October 2016. The team has secured leases with DeVry Education Group; Evolution Lighting, LLC; CoreStaff; Boxy Charm; Costa Cruise Lines; Kronos; and QEO Group, LLC.

“We have been very pleased with the leasing velocity at Pembroke Pointe 880 this year. The property is uniquely positioned in the tight Broward County office market to capitalize on the pent-up demand for new, accessible Class A space in a state-of-the-art building,” said Lobinsky. “We’ve also been extremely fortunate to work with a very proactive owner in Duke Realty. They’ve put an incredible team in place and allotted the resources needed to assist in lease-up.”

DeVry Education Group

DeVry Education Group leased 13,980 square feet at Pembroke Pointe 880, expanding its presence in the Southwest Broward submarket.

DeVry Education Group is a leading global education provider and the parent organization of American University of the Caribbean School of Medicine, Becker Professional Education, Carrington College, Chamberlain College of Nursing, DeVry Education of Brazil, DeVry University and its Keller Graduate School of Management, Ross University School of Medicine and Ross University School of Veterinary Medicine.

Rashid Siahpoosh of Newmark Grubb Knight Frank represented DeVry Education Group in the lease negotiations.

Evolution Lighting, LLC

Evolution Lighting LLC leased 9,684 at Pembroke Pointe 880, relocating its headquarters from Miami. The lighting manufacturer and distributor provides high-end light fixtures throughout North and South America from its offices and warehouses in Connecticut, North Carolina, Mississippi and Ontario, Canada. Evolution Lighting LLC employs 45 people at Pembroke Pointe 880.

Senior Vice President Doug Okun of Continental Real Estate Companies negotiated the lease on behalf of Evolution Lighting, LLC.

CoreStaff

CoreStaff, a Houston-based staffing company, leased 8,072 square feet at Pembroke Pointe 880 to serve as a regional office for 36 employees. CoreStaff specializes in staffing positions in accounting and finance; administrative and clerical; call center and customer care; human resources, information, records management and library services; as well as light industrial and assembly.

Associate Director Clay Sidner of Newmark Knight Frank represented CoreStaff in the lease negotiations.

Boxy Charm

Boxy Charm leased 11,032 square feet for its headquarters at Pembroke Pointe 880. The Miami-based beauty product distributer employs 65 people in this space.

Irving Diaz, Managing Director of Office Equities, negotiated the lease on behalf of Boxy Charm.

Costa Cruise Lines

Genoa, Italy-based cruise line Costa Cruises leased 4,256 square feet at Pembroke Pointe 880. The Carnival Corporation subsidiary, which currently operates a fleet of 15 ships, relocated its U.S. headquarters and 30 employees from Hollywood, FL.

Doug Campbell, President of the Campbell Group, represented Costa Cruise Lines in the lease negotiations.

Kronos

Kronos leased 7,175 square feet at Pembroke Pointe 880. The Lowell, MA-based company, which employs 5,300 people worldwide, provides cloud applications for workforce management as well as consulting, education and support services. Kronos employs 40 people at Pembroke Pointe 880.

Director Ryan Levy of Cushman & Wakefield represented Kronos.

QEO Group, LLC

Irving, TX-based QEO Group, LLC leased 4,931 square feet at Pembroke Pointe 880 where it employs 20 people in a second corporate office. QEO Group, LLC provides commercial transportation insurance, specializing in the energy, local delivery and construction industries.

Executive Director Jeff Holding and Senior Director A.J. Belt of Cushman & Wakefield negotiated the lease on behalf of QEO Group, LLC.

Pembroke Pointe 880 features 36,111-square-foot floor plates designed for maximum efficiency and space utilization; upscale lobby and common areas; ample parking for tenants (5.5 parking spaces per 1,000 rentable square feet); and Interstate 75 frontage with high-visibility signage opportunities. The building is currently 86 percent leased.

 

Downtown Fort Lauderdale Office Tower Trades For $32.5 Million

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CBRE arranged the sale of Comerica Tower, also known as Plaza 100, a Class A, 166,098-square-foot boutique office tower located at 100 NE 3rd Avenue in Fort Lauderdale.

Brookwood Financial Partners of Beverly, Massachusetts, acquired the 11-story downtown tower from Beacon Investment Properties of Hallandale Beach for $32,500,000, or $196 per square foot.

In August 2013, Brookwood purchased Plantation office building Lakeside Office Center, located at 600 N. Pine Island Road.

Comerica Tower, which features an above-market parking ratio of 3.5 per 1,000 square foot, was 82% leased at the time of the sale.  The property has benefited tremendously from robust leasing activity in downtown Fort Lauderdale over the last two years.

“Downtown Fort Lauderdale absorption has been led by a migration of tenants from the suburbs to the CBD. This has been a national trend, where possible, as employers find it easier to attract and retain higher level talent to urban locations,” explained CBRE Vice Chairman Christian Lee.

Mr. Lee noted that Beacon Investment Properties owned Comerica Tower for two years, increased occupancy from 69% to 82% during its ownership and sold it when it realized the company’s investment objectives for the property. “While Beacon is widely known for its disciplined and expedited acquisition strategies, it was just as responsive as a seller,” Mr. Lee said.

Ariel Bentata, co-founder and managing partner of Beacon, commended Brookwood Financial “for being an astute investor. The buyer performed as anticipated on all aspects of the acquisition and we feel confident this exceptional office tower and its tenants will be in very good hands.”

Comerica Tower is centrally located in downtown Fort Lauderdale’s walkable “live, work, recreate and educate” vibrant cosmopolitan core, within walking distance of numerous shops, restaurants and over 3,500 multi-family units that are either under construction or planned.

“Of this multi-family activity, 1,850 units are north of Broward Boulevard in close proximity to the property,” added José Lobón, CBRE Senior Associate. “This area is now a young and hip enclave, home to neighborhoods such as Progresso Village, Flagler Village and F.A.T. (Flagler Art & Technology) Village, and amenities such as the new Fresh Market supermarket, and numerous art galleries and cafes.”

The Miami-based CBRE team representing the seller included Christian Lee and José Lobón with CBRE’s Capital Markets Institutional Group; and Charles Foschini and Chris Apone with CBRE’s Debt & Structured Finance Group.

Assisting the CBRE Team was the CBRE Office Leasing team of Deanna Lobinsky and Travis Herring, and JLL office leasing broker Jonathan Kingsley.

 

Ivy Realty On A Tear

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Ivy Realty, a Greenwich-based real estate operating company, announced that since its purchase of the Heron Bay Corporate Campus in Coral Springs, the firm has leased over 53,685 square feet of office space in the hurricane-resistant, Class-A office building, boosting its occupancy from 48 percent to 86.5% percent.

Ivy Realty purchased the 89,000-square-foot campus in 2011 as part of a trio of commercial real estate investments in South Florida, as the firm eyed a recovery in the region.

The firm has amassed over 453,000 square feet of office space in South Florida in the last  30 months — an impressive statement as to its view of South Florida commercial real estate. The firm’s two other Class-A Office investments in the region are 1 East Broward Boulevard in downtown Fort Lauderdale, a 340,000 square-foot building, and 250 Royal Palm Way in Palm Beach with 24,000 square feet.

Following significant refurbishments, Ivy Realty boosted the occupancy in the signature, high-rise Fort Lauderdale office building by over 21 percent, and after recently finishing refurbishments at its Palm Beach property, that property too is quickly escalating in occupancy. After significant downturns in office values in recent years, the trio of Ivy Realty successes point to capital infusions as playing a critical role in turning mediocre properties into prime properties, helping to spur on the South Florida recovery.

“As we sought to expand our investment horizons beyond the Northeast a few years ago,” said Rusty Warren, Co-CEO of Ivy Realty, “we viewed South Florida as on the cusp of recovery, but it lacked investors that could combine conviction and capital. We have the resources to back our vision and are seeing our quality assets returning to positions of prominence in their respective Class-A office markets.”

The firm’s latest success story, Heron Bay Corporate Campus I and II, are preeminent multi-tenant office buildings located within the northwest Broward submarket. Completed in 2001, their modern Mediterranean design incorporates hurricane-resistant features including impact-resistant windows and generator wiring for tenants requiring uninterrupted operations.
The campus is ideally located by the “main-and-main” commercial intersection of the Sawgrass Expressway and Coral Ridge Drive, which serves prestigious communities surrounding including Heron Bay Golf Club, The Hamptons, and Parkland Golf & Country Club, all of which are affluent communities favored by entrepreneurs and corporate decision makers. The Heron campus’ circular driveway stems from the grand entrance of the Marriott Hotel, adding a high level of convenience for visiting executives.

Ivy Realty’s lease-up in the three-story buildings has included adding Pearl Holdings, a Florida-based personal automobile insurer with over 17,000 square feet; Regus, the world’s largest provider of flexible workspace, which hosts approximately 15,500 square feet of executive suites at the Heron Bay campus; and AOD Software, a long-term care software company providing clinical, operations and financial management solutions to retirement and continuing care communities, which leased approximately 15,300 square feet. These leases are unusually large for the office submarket, which more typically leases spaces of 3,000-5,000 square feet per tenant. Ivy Realty also leased just under 4,000 square feet to Century Link (formerly Qwest Communications), among other new tenants.

Added Anthony DiTommaso, Co-CEO of Ivy Realty, “Heron Bay Corporate Campus appeals to corporate executives for numerous reasons: The location  offers an ideal work-live combination, surrounded by upscale enclaves, golf courses and A-rated schools. It features luxury, modern amenities, and it’s hurricane resistant as well as inland, the latter offering added protection for a business during storm season.”

The buildings, which are located at 11555 and 11575 Heron Bay Boulevard, currently have 12,000 square feet of available space, with footprints allowing for subdivision of tenant spaces into as little as 1,000 square feet. The buildings are Energy-Star efficient, and the exteriors features lush landscaping.

CBRE is handling the leasing of Heron Bay Corporate Campus under the direction of Travis Herring and Deanna Lobinsky

Herring, Lobinsky Bring 17,400 SF Tenant To Coastal Tower

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CBRE has arranged a lease for insurance company USI, the 9th largest insurance broker in the United States, at Coastal Tower, a Class A, LEED ®EB Silver-certified office building at the corner of US 1 and Commercial Boulevard in Fort Lauderdale.

The company will relocate approximately 80 employees from its current location at Broward Trade Center, located at 200 W. Cypress Creek Road, to the new office, located on the 6th floor, when it assumes occupancy on January 1, 2014.

CBRE is the leasing agent for Coastal Tower owner California State Teachers’ Retirement System (CalSTRS).

While the Broward County office market continues to post year-over-year negative absorption, leasing at  Coastal Tower has actually picked up pace in 2013. USI is the 10th tenant this year to sign a new lease or expansion there. CBRE has arranged more than 28 new leases at Coastal Tower over the past three years, bringing the building up to 83% occupancy.

“While the office market remains flat, we have been fortunate to attract many office users in the market primarily because businesses are looking for dependable property ownership and great on-site amenities like fitness centers and food services, all of which Coastal Tower offers,”  said CBRE First Vice President Travis Herring. “It does not hurt that we are also located close to several affluent communities where business owners and employees want to live.”

Located at 2400 East Commercial Boulevard, Coastal Tower is a LEED® and Energy Star Certified, Class A office building located within walking distance to several restaurants, hotels, banks and shops, and  across the street from Holy Cross Hospital and the Holy Cross Wellness Pavilion.

Herring, along with CBRE Senior Vice President Deanna Lobinsky and Associate Katherine Ridgway, are the exclusive leasing agents for Coastal Tower.

Lobinsky And Herring Promoted

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Deanna Lobinsky and Travis Herring of CBRE’s Fort Lauderdale office have earned the titles of Senior Vice President and First Vice President, respectively.

Broker titles at CBRE reflect quantifiable performance results within their service specialties.

Lobinsky and Herring have worked together as a team for more than 10 years. They serve South Florida’s office property owners and landlords, acting as advisors to maximize the value of their assets and build long-term relationships.

Most recently, the team was appointed by Ivy Realty to rebrand and market 1 East Broward, a Class A high-rise in Downtown Fort Lauderdale with over 338,000 rentable square feet. The building is first in its class with its ‘main and main’ location, premium tenant roster, and amenity-rich offerings.

“Deanna and Travis are two of the most highly regarded professionals in the market. Year after year, they demonstrate solid performance. As both individuals and as a team, they are well respected by our clients for going above and beyond and continuing to deliver superior service excellence,” said CBRE Managing Director Ken Krasnow.

Other notable listings include Coastal Tower (261,000 SF), Sawgrass Office Portfolio (400,000 SF), Sawgrass Lake Center (239,000 SF), and Weston Corporate Centre (150,000 SF). A sampling of clients represented by the pair includes California State Teachers Retirement System, Invesco, CBRE Investors, Blackrock, PNC Realty, and Ivy Realty.