Long-term lease transactions total in excess of 70,000 square feet
Fort Lauderdale, July 27, 2018 – The Colliers International South Florida team of Ronald A. Schagrin and Sal Bonsignore has represented owner Fort Lauderdale Crown Land, Inc. in four recent leasing transactions totaling more than 70,000 square feet at Crown Center, located at 1201-1475 West Cypress Creek Road in Fort Lauderdale. The lease transactions bring the occupancy rate of the suburban office campus above 90%, highlighting the appeal of the property in a submarket with an overall 13.1% vacancy rate.
Owner Fort Lauderdale Crown Center, Inc. has established a reputation for ensuring tenant satisfaction, contributing to a strong renewal rate at the six-building office campus. Three of the transactions – Brown & Brown Insurance at 1201 West Cypress Creek Road, water solutions supplier Parkson Corporation at 1401 West Cypress Creek Road, and international training center PreGel at 1475 West Cypress Creek Road – are long-term renewals. The newcomer to the park is Early Learning Coalition of Broward County, Inc., with a new, long-term lease at 1475 West Cypress Creek Road.
“Crown Center is a well-located property with long-term, stable ownership, numerous amenities, and an award-winning property management team,” said Ronald A. Schagrin, SIOR, Senior Vice President. “This has made the office campus highly desirable for new tenants as well as existing tenants who have renewed their leases.”
“The campus offers some of the largest and most efficient floor plates in the Fort Lauderdale market,” added Sal Bonsignore, SIOR, CCIM, Vice President.
Cypress Creek is a small submarket located in Broward County just north of the Fort Lauderdale market and south of the Pompano Beach market. Although small in geographic area, the submarket comprises of 7.8 million square feet of office space, accounting for more than 10 percent of Broward County’s office market. The main office nodes in this submarket surround the Fort Lauderdale Executive Airport and are located along West Cypress Creek Road and West Commercial Boulevard.
The densification of South Florida’s urban core and downtown markets and rise in rents has added appeal to the suburban office markets, especially for tenants that do not have a necessity to be in the CBD. Amentity-rich suburban office campuses with abundant parking such as Crown Center appeal to large, corporate tenants.
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For further information, please contact:
Paola Iuspa-Abbott on behalf of Colliers International South Florida
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