Colliers International Facilitates More than $6.3M Of Leasing Activity at Newly-Branded Hotwire Technology Center

Jan 24, 2017 No Comments by

The Colliers International South Florida team of Jonathan Kingsley, Jarred Goodstein and Ryan Goggins represented owner/occupier Hotwire Communications in two major leasing transactions at Hotwire Technology Center, located at 2100 West Cypress Creek Road in Fort Lauderdale.

The leases – to Liberty Power Corp. and State Farm Insurance – represent a total of 57,000 square feet of office space and bring the building occupancy level to 100%.

Hotwire Communications purchased the asset in February 2016 with plans to occupy the majority of the building as their own corporate headquarters and for the backbone of their internet and cable business. With a surplus of available space, the company retained Colliers International to lease out the balance of the space, which is fully furnished and offers shared amenities, such as a gym, cafeteria and on-site conference facilities. In addition, the facility has large telecommunication, collocation and data center infrastructure supported by redundant power feeds and generators which guarantee uninterrupted power at all times.

 

“There are often sensitivities involved when the landlord is also a major tenant,” said Jarred Goodstein, Senior Vice President with Colliers South Florida. “But in this case, Hotwire was extremely accommodating and creative, so we were able to work together and still offer creative solutions to satisfy the new tenants’ business needs.”

Liberty Power was represented by Bob Orban of Savills-Studley and State Farm was represented by Terry Beal of Black Acre Advisors. Both leases commence in mid-2017.

While Broward County as a whole enjoyed strong market fundamentals and saw the vacancy rate decline to an eight-year low of 11.2 percent during the third quarter of 2016, the Cypress Creek submarket reported the highest vacancy rate, jumping to 15.6 percent, and also reporting a negative absorption rate during the same quarter.

 

“Across the county, we were seeing leasing rates surge in parallel with tenant demand but we also knew there was a larger amount of available, competing product in this submarket,” noted Jonathan Kingsley, Executive Vice President with Colliers International. “Fully leasing this building to one hundred percent occupancy is really a testament to the allure of Hotwire Technology Center, with a strong anchor tenant and high technology amenities that are unique to this building.”

The 185,000 square foot building underwent extensive renovations in 2005, including the mechanical and electrical systems as well as upgrades to the finishes and furnishings, rendering an effective year built of 2005.

 

 

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