Colliers International South Florida Continues Strong Leasing Performance in First Quarter of 2019
Colliers International’s Leasing Advisory Team Brokers Nearly $48 million in New Leases, including Three Major Transactions
Fort Lauderdale, Fla., May 28, 2019 – The Colliers International South Florida leasing advisory team headed by Jonathan Kingsley and Stephen Rutchik continued to outperform in the robust Broward County office market in the first quarter of 2019. The firm announced that the team closed 17 office lease transactions, totaling more than 186,000 sq. ft. with a value of nearly $48 million within Broward County, during the first quarter of 2019.
The team’s strong first quarter performance, included three significant leases across Broward County. Approximately 42,000 sq. ft. at 110 Tower in Downtown Fort Lauderdale was leased to the Florida Attorney General’s office; a 48,600 sq. ft. lease renewal of Bolton Medical at 799 International Parkway in Sunrise; and a 16,779 sq. ft. new lease with ARRIS Solutions, Inc. at Hotwire Technology Centre in Cypress Creek.
According to Colliers International’s First Quarter 2019 Office Market Report there continues to be strong demand for office space within Broward County with more than 700,000 sq. ft. leased in the first quarter. Rental rates in the county increased by nearly 14-percent year over year from 2018 and vacancy rates remain steady at under 10-percent.
Colliers’ Executive Managing Director of Office and Industrial Services, Jonathan Kingsley said “Broward County continues to attract major tenants that are seeking to be at the center of South Florida’s tri-county region, driving demand for office space in the area. These recent deals, along with our team’s success in the first quarter of 2019 is a demonstration of appetite for quality office services among landlords and tenants across South Florida.”
Kingsley’s leasing advisory team represented IP Capital in the renewal of the Florida Attorney General’s Office lease at 110 Tower in Downtown Fort Lauderdale. The 42,027 sq. ft. lease is for 10 years and is valued at approximately $18.8 million. Utilizing its understanding of GSA lease protocols to offer a 10-year term to the Florida Attorney General’s Office that was able to meet their requirements, while providing substantial benefit for the landlord.
In another lease renewal, the team represented the landlord, Sawgrass & Spectrum SDCO, Inc., in renewing Bolton Medical Group’s 48,606 sq. ft. lease at 799 International Parkway in Sunrise for 10.5 years; the lease is valued at approximately $8 million.
At Hotwire Technology Center, located at 2100 West Cypress Creek Road in Cypress Creek, the landlord was represented by the leasing team for a 16,779 sq. ft. lease with ARRIS Solutions, Inc. The lease is for more than five years and is valued at approximately $2.5 million. The deal marks the second time the Kingsley-Rutchik team has brought the Hotwire Technology Center to 100-percent leased since 2016. The team leveraged its relationships with the brokerage community and its knowledge of tenant needs to find the perfect fit for the building. ARRIS required a fully redundant power and telecommunications service in a secure “bunker-like” facility, a benefit the Hotwire Technology Building provides to tenants.
“These recent deals are all textbook examples of the creativity and knowledge-driven results Colliers International provides its clientele,” said Jarred Goodstein, Senior Director of Office Services for Colliers International South Florida. “The Colliers team continues to be one of the most return-driven leasing teams in South Florida in 2019.”