As downtown Fort Lauderdale and suburban Broward County boast strong leasing momentum and vacancy rates continue to shrink quarterover-quarter, Banyan Street Capital has engaged Jonathan Kingsley and Jarred Goodstein of Colliers International South Florida for the leasing of 200 East Broward Boulevard, which Banyan Street recently acquired in partnership with funds managed by Oaktree Capital Management, L.P. The plan is to launch a proactive marketing campaign aimed at elevating the tenant experience at the Class A office tower.
200 East Broward is a 21-story, 226,376 square-foot office building which sits prominently at the intersection of SE 3rd Avenue and Broward Boulevard in the heart of the Fort Lauderdale Central Business District. As downtown Fort Lauderdale continues to emerge as a dynamic live-work-play environment, the Colliers leasing team intends to tap into the office, retail and multi-family development boom which is driving huge growth in the downtown residential population.
Historically, the building has been recognized as “The Outstanding Building of the Year” (TOBY) by Building Owners and Managers Association (BOMA) of Fort Lauderdale and the Palm Beaches. This recognition highlights excellence in areas of property management that are critical to maintaining the value of the property including: building management, operational efficiency, tenant retention, emergency planning and community impact. Banyan will provide its own high-touch property management services to ensure existing and future tenants get the highest level of service in Fort Lauderdale.
“The building has been meticulously maintained and enjoys strong occupancy from an impressive roster of tenants,” said Colliers Executive Vice President Jonathan Kingsley, who is leading the leasing efforts in partnership with Senior Vice President Jarred Goodstein. “What we’re seeing from Banyan is a really forward-thinking approach to not simply accept it as “Class A” but to really elevate all aspects of 200 East Broward—truly white glove service for the tenants of today and tomorrow in addition to an upgrade in the amenities offered to tenants.”
Planned improvements include the remodeling and upgrading of food services, the conference center and multi-tenant floors, elevators landings and restrooms. Banyan Street also plans to offer enhanced valet and concierge services as well as upgrades to the existing shuttle operation to improve connectivity to Las Olas Boulevard and surrounding areas. In addition to shared amenities, Banyan also plans to create a series of smaller, move-in ready suites targeted to professional services firms.
One of the most visible initiatives will be a strategic capital spend on the ground floor, converting the former PNC Bank space into a marquee retailer, restaurant or showroom. “With excellent visibility and walkability, the new ownership recognizes the highest and best use of a prominent corner location like 200 East Broward for tenants and the community alike,” said Goodstein. “ Ownership is exploring many options including retail to optimize space for the building, its tenants and the area.”
This is not the first strategic Fort Lauderdale deal for Banyan Street, who sold Tower 101 in 2016 for $56.3 million, an 87 percent gain after four years. “As a South Florida-based real estate investment firm, Banyan Street understands the market and how to provide value for sophisticated tenants so it’s a great fit as we partner with them to deliver a superior tenant experience at 200 East Broward,” added Kingsley.