Tag Archive for: mitchell millowitz

Fort Lauderdale Office Building Nearly Fully Leased

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A renovated 1980s-era Fort Lauderdale building is almost entirely occupied following the closure of five recent lease deals.

Cypress Financial Center at 5900 N. Andrews Ave. is now 92% leased, according to a release from the brokerage Cushman & Wakefield. Travis Herring and Katherine Ridgway of Cushman & Wakefield represented the landlord, Tampa-based Vision Properties, in the negotiations.

  • Signature Consultants, an IT consulting firm, will be moving from its current office at 200 West Cypress Creek Road into a 7,038-square-foot space in the Cypress Financial Center in March 2023. Peter Reed of Commercial Florida Realty Services represented Signature Consultants in the lease negotiations.
  • Alpine, a division of Illinois Tool Works, will be relocating from another building in Broward County into a 6,065-square-foot space within Cypress in April 2023. A designer and manufacturer of roof, floor, and wall components, Alpine was also represented by Cushman & Wakefield.

The other three lease deals are with existing building tenants.

  • Prime Education, a research and education company, signed a new lease for the 5,817-square-feet of space it now occupies. The company had previously subleased the space from another tenant but the new lease is through landlord Vision Properties. Prime Education was represented by Mitchell Millowitz of Newmark.
  • Perfume manufacturer and distributor Parlux negotiated directly with Herring and Ridgway to renew the lease of its 2,062-square-foot office.
  • Scott Friedman, vice president of project management for The Morgan Companies, a full service commercial real estate firm, negotiated on behalf of his company to renew its 1,394-square-foot office lease.

South Florida office rents have been trending upward since the height of the pandemic as new-to-market and local companies seek out quality office space. In the third quarter of 2023, Broward County, office rents for Class A and Class B buildings averaged $37.84 a square foot, an increase of 2.9% from last year, a recent from Cushman & Wakefield stated. Within the Cypress Creek/Commercial Corridor rents averaged $34.09 a square foot.

Built in 1988, the 11-story Cypress Financial Center was purchased by a subsidiary of Vision Properties for $44.2 million in January 2021 after a previous deal to acquire the building by another real estate company fell through. The building has since been renovated and includes a cafe, a parking garage, on-site security, and “exclusive on-ramp access to Interstate 95 Southbound,” Cushman & Wakefield stated.

The limited office space available in the Cypress Financial Center is advertised at $24 a square foot on LoopNet.com. That rental rate does not include utilities, property expenses or building services.

 

Source:  SFBJ

Stiles Realty’s Madelayne Garcia Renews T-Mobile, New York Life At Lake Shore Plaza II

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Stiles Realty, a division of the full-service commercial real estate firm, Stiles, announced lease renewals for T-Mobile and New York Life Insurance Company at Lake Shore Plaza II.

Stiles Realty Senior Vice President Madelayne Garcia represented the landlord in the transactions. Mitchell Millowitz of NKF and Cameron Tallon of JLL represented T-Mobile and New York Life respectively.

Lake Shore Plaza II

Lake Shore Plaza II

T-Mobile renewed its 21,104 SF office space while New York Life signed a renewal for its 32,942 SF space. Located at 1300 Concord Terrace in Sunrise, Lake Shore Plaza II is a 128,470 SF Class A office building in the heart of Sawgrass Corporate Park. The LEED Silver certified building is located along the Sawgrass Expressway, minutes from shopping, dining and entertainment, including Sawgrass Mills Mall, IKEA, and BB&T Center.

“We are pleased that established global brands such as T-Mobile and New York Life continue to put their trust in us for their office needs,” Garcia said. “These renewals further illustrate the attractiveness of Lake Shore Plaza II for both existing tenants looking to renew as well as new firms moving into the area.”

T-Mobile provides wireless voice, messaging, and data services and operates the third largest wireless network in the nation with more than 65.5 million customers and annual revenues of $32 billion.

New York Life, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States and one of the largest life insurers in the world. New York Life’s family of companies offers life insurance, retirement income, investments, and long-term care insurance.

Cushman & Wakefield Arranges 77,000 SF HQ Lease

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Cushman & Wakefield has negotiated a new, 77,000-square-foot lease with Hayes Medical Staffing, a national staffing and recruiting agency for healthcare employers, at Cypress Financial Center in Fort Lauderdale. The Class A space at 5900 N. Andrews Ave. will serve as the company’s corporate headquarters.

Cushman & Wakefield Executive Director Travis Herring and Director Katherine Ridgway represented the landlord, Miami-based Steelbridge, in the lease negotiations. Mitchell Millowitz with Newmark Knight Frank represented the tenant.

Hayes Medical Staffing has approximately 185 employees and recently announced it will add 250 new jobs to the area. The company will take occupancy of its new space in Q4 2019, joining such notable tenants as TD Bank, City National Bank and Altadis.

Cypress Financial Center is the only Class A office building in South Florida that sits adjacent to the region’s primary artery, Interstate 95. Hayes Medical Staffing will gain unparalleled visibility from the highway with top-of-building signage.

Further, an exclusive I-95 on-ramp adds convenience and accessibility throughout the tri-county area. The location also provides convenience to Cypress Creek Tri-Rail station. Other amenities include an attached parking garage, onsite security and property management, a café that serves breakfast and lunch, and weekly car wash service.

Additionally, the property recently completed an extensive capital improvement program, which included elegant renovations to the lobby, common areas, elevators and restrooms, as well as new landscaping, new monument and directional signage throughout the property and new exterior lighting.

“Between the unparalleled accessibility along I-95, nearby amenities and the recent renovations made by Steelbridge, Cypress Financial Center is one of the premier office locations for major corporations and employers in South Florida,” said Herring. “This is evidenced in the property’s continued ability to attract top-tier tenants such as Hayes Medical Staffing.”

Kroger Relocates, Inks Whopping 43,000 SF Office Lease

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The Kroger Co., the largest grocer by revenue in the U.S., has leased 43,000 square feet of office space at the Boca Raton Innovation Campus at 4800-5002 T-Rex Avenue in Boca Raton.

The company will move its office from 5400 Broken Sound Blvd. Northwest into BRIC’s 4700 building. The new office is about the same size, but it will have a more efficient layout with a large contiguous space, landlord Crocker Partners said.

Crocker Partners and Rialto Capital Management paid $179.3 million for the sprawling tech office complex, marking the biggest office sale in the tri-county region at that time since 2016. The 1.68-million-square-foot office park sits on 123 acres in Boca Raton near I-95. It was developed in the late 1960s and early 1970s by IBM as its North American Research and Development facility. IBM closed it in 1996.

The main function of the office is digital operations.

Mitchell Millowitz of Newmark Knight Frank (NKF) represented Kroger in the lease. Crocker was represented by VP Danielle Vennett and CBRE’s Jeff Kelly.

 

Source:  SFBJ

NKF Brokers Three Office Deals Totaling More Than 98,000 SF

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Newmark Knight Frank (NKF) announced the completion of three high-profile office deals in South Florida totaling more than 98,000 square feet.

The flurry of activity illustrates a recent NKF research report showing vacant office space in South Florida dropping to its lowest level since the Great Recession began more than a decade ago.

In the first deal, Oakland Sun Partners, LLC purchased 1 Dambrackas Way, a 48,671-square-foot Class B office building located in Sunrise. Originally built in 1985, 1 Dambrackas Way is also within a short drive to several nearby retail and dining destinations. The new owners purchased the building for $4.02 million.

NKF Executive Managing Director Mitchell Millowitz, NKF Senior Managing Director Ryan Rosalsky and Associate R.J. Ward represented the buyer.

Millowitz also executed a new lease agreement for e-commerce company Vitacost at 4700 Exchange Court at Boca Raton Innovation Campus. The 35,438-square-foot deal is part of an ongoing transformation for the online vitamin and healthy product supplier, which is a subsidiary of Kroger. Vitacost will relocate from its current headquarters at a one-story building in The Park at Broken Sound in August.

A former IBM corporate hub, Boca Raton Innovation Campus features an impressive array of onsite amenities that include a state-of-the-art fitness center, high-tech conference center, food hall, on-site accredited day care center and numerous walking trails. CBRE Executive Vice President Jeff Kelly represented the landlord, Crocker Partners.

“Vitacost conducted an extensive search of amenity-laden office properties in the region to fulfill its charge of finding a modernized, collaborative workplace environment with an abundance of natural light,” said Millowitz. “Boca Raton Innovation Center is the Southeast’s premier science and technology hub, and its proximity to talent and walkable amenities will provide Vitacost with a significant recruiting advantage in the years to come.”

In the third deal, Millowitz, Rosalsky and Ward represented AlphaStaff, a HR outsourcing firm, in its office relocation from Cypress Creek to Sunrise Corporate Plaza. AlphaStaff will occupy 14,604 square feet of space at the Class A office building in Sunrise beginning in January 2020. Built in 1999, Sunrise Corporate Plaza totals 107,748 square feet and is 100% occupied. Madelayne Garcia and Tom Kates represented the landlord, Stiles.

Two of the three transactions occurred in Broward County, which recorded 191 lease deals totaling more than 563,000 square feet in the first quarter of 2019. Broward also accounted for more than 58% of all Class B leasing activity across South Florida in Q1 2019, as limited blocks of availability in Class A buildings continued to aid the Class B sector.