Fort Lauderdale, Fla. – October 25, 2019 – CBRE announced today it has been hired to lease a three-property office portfolio in the Fort Lauderdale’s Executive Airport/Cypress Creek area. With a total of 165,518 rentable square feet of Class A/B office space, CBRE’s Adam Starr will spearhead leasing efforts at the properties.
The portfolio consists of Commercial Tower, a 94,532 SF, 5-story Class A office building at 2101 West Commercial Blvd., Commerce Point, a 28,965 square foot building at 3511 West Commercial Blvd, and Cypress Court, a 42,021 square foot building at 6360 Northwest 5th Way.
“With increasing rental rates in Downtown Fort Lauderdale, more tenants are evaluating suburban office opportunities,” said Adam Starr, first vice president at CBRE. “The Cypress Creek submarket is a great suburban option, and with this portfolio being centrally located near the Fort Lauderdale Executive Airport, we have a great competitive advantage.”
Tenants enjoy various hotel, retail, banking, and food & beverage options nearby, as well as access to Interstate 95 and Florida’s Turnpike.
The three properties were built in 1986 and are owned by HSD Holdings. Tenants at the properties include, OmniComm, Liberty Mutual and David Low & Associates. Currently, Commercial Tower is 87 percent occupied, while Commerce Point is at 79 percent occupancy, and Cypress Court is at 91 percent. Competitive tenant improvement packages are being offered from ownership to qualified tenants, with long-term occupancy.
Office leasing activity in Broward County continues to rise, resulting in 127,882 square feet of net absorption in Q3 2019. The Cypress Creek submarket posted a vacancy of 8.8 percent and an average asking rate of $16.79 per square foot, two of the lowest market statistics in Broward County at the close of the quarter.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
