Avison Young Negotiates 18,000 SF Office Lease In Ft. Lauderdale

Jun 24, 2018 No Comments by

Avison Young’s South Florida office tenant representation team successfully negotiated a new 18,394-square-foot office lease at One East Broward in downtown Fort Lauderdale.

Avison Young Principals Scott Goldstein and Keith Edelman secured the premier class A space on behalf of the tenant, Caxa Group, an executive suite operator.

 

“The Fort Lauderdale central business district remains a high demand and low supply market; exasperated further within class A locations,” said Goldstein. “Our market knowledge allowed us to strategically identify and negotiate an off-market opportunity that worked ideally for all parties involved.”

According to Avison Young’s most recent Broward County office market report, rent for high caliber space in downtown Fort Lauderdale remains at record levels as the submarket continues to see more limited space options. Vacancy has dipped slightly at 9.15 percent while rental rates have seen a year-over-year increase at 9.82 percent with the submarket having the highest rates in the county with class A space at $41.59.

 

“The tenant was desirous of a new location that embodies its brand culture and allows for significant enhancements for workforce and clients,” said Edelman. “We garnered a turnkey opportunity, so productivity was seamless at the gateway of the downtown CBD and for a favorable term.”

Situated on the northeast corner of Broward Boulevard and Andrews Avenue, the 19-story building totals 350,743 square feet and, with this lease, is now 94 percent occupied. The property offers tenants easy access to Interstate 95 and Interstate 595 and is in close proximity to the new Brightline rail station.

Travis Herring of Cushman & Wakefield represented the landlord, One Broward Boulevard Holdings, LLC.

 

 

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Broward County Office, Industry News, NA, Office
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