CBRE Clinches 50,000 SF Deal

CBRE (NYSE:CBG) arranged a long-term, 50,000-square-foot lease on behalf of Piedmont Office Realty Trust at Sawgrass Place West, located at 5601 Hiatus Road, in Tamarac, Florida.
The tenant, a large national insurance company, is taking the entire second floor of the two-story, 100,000-square-foot office building. The firm will occupy its new space in 1Q2012.
“5601 Hiatus offers unique benefits that were very attractive to the tenant. These included hurricane impact windows, a back-up generator and a generous parking ratio in excess of 6 spaces per 1,000 rented square feet.  In addition, the building’s larger floor plate enables the insurance company to achieve greater efficiencies, allowing it to relocate and comfortably fit in excess of 60,000 square feet into 50,000 square feet and providing additional room for growth,” said Jay Adams, First Vice President at CBRE, who represented Piedmont Office Realty Trust.
Constructed in 2001, the building was recently converted from a single tenant to multi-tenant building.  Convergys, which previously occupied the entire building now occupies the first floor and recently renewed its lease for 50,000 square feet.  This deal now brings the building 100% occupied.
CBRE’s Jarred Goodstein joined Adams on the team representing the property, along with Alex Valente from Piedmont Office Realty Trust.