47,000-SF in Leases Drive-Up Occupancy to 88% at Commercial Place I & II in Fort Lauderdale
Posted on 6/18/2014*Progressive Casualty Insurance renews and expands for 26,993 square feet
Demonstrating a stabilizing office market and higher demand for quality commercial space throughout South Florida, Stiles Realty announced today more than 47,000 square feet of new leases, expansions and renewals at Commercial Place I & II in Fort Lauderdale. Stiles worked in concert on this property assignment with Virginia-based Divaris Real Estate, who is a CORE Network Partner. In the last 12 months, the team secured five leases at the properties with various tenants, three of which are new to the property. Commercial Place I & II comprise two separate buildings located at 3230 and 3250 West Commercial Blvd, respectively.
"We are very pleased with the heightened interest in Commercial Place I & II," said Stiles Realty director Madelayne Garcia, who represented the landlord, Western National Life Insurance Company, on all of the new leases. "The property has jumped to 88 percent leased since we attained the assignment in June 2012, which illustrates its attractive location and excellent space options that are particularly ideal for large users."
New leases totaling 15,271 square feet include: - HDR Engineering, Inc., an architectural and engineering firm, signed leases totaling 10,540 square feet for 65 months. Keith Edelman and Scott Goldstein of Jones Lang LaSalle represented HDR in the transaction. - International Tourism Management Services, LLC signed a new lease for 3,218 square feet for 66 months. Zachary Wendelin of CRESA represented the lessor in the transaction. - H5 Group, a wholesale importer of watches and jewelry signed a new lease for 1,513 square feet for 64 months. Barry Brizel of Raintree Properties & Investments represented H5 in the transaction.
Renewed leases totaling 31,808 square feet include: - Progressive Casualty Insurance has renewed for 21,576 square feet and expanded for another 5,417 square feet. The national insurance provider signed a 64-month lease. Zachary Wendelin of CRESA represented Progressive in the transaction. - Network solutions provider Presidio Networked Solutions, Inc. renewed their lease for 4,815 square feet for 5 years. Mary Catherine Washo of DTZ Americas represented Presidio in the transaction.
According to Garcia, Progressive's renewal and expansion at Commercial Place I & II helped to reinforce the property's broad appeal, showcasing the quality of the buildings and ideal location between Interstate 95 and the Florida Turnpike.
"As the market grew stronger in the last year, Commercial Place I & II began to draw attention from large and midsize users seeking flexible space options to accommodate growth," commented Garcia. "Also, the buildings maintain a niche in this particular submarket with high quality features, such as an on-site fitness center with lockers and showers, state-of-the-art conference facilities and an on-site restaurant."
Commercial Place I & II comprise 175,432 square feet and boast contemporary architecture and high-end interior finishes. The property is located within a 15-minute drive of Fort Lauderdale International Airport and a 3-minute drive to Fort Lauderdale Executive Airport. Notable tenants include Florida Blue, Cisco Systems, Travelers Indemnity Company, and Post Buckley Schuh and Jernigan, Inc.
Contact Madelayne Garcia at firstname.lastname@example.org or at 954-627-9400 for questions about this property as well as available listings.
Stiles is a full-service commercial real estate firm with a clear mission: Invest. Build. Manage. Stiles services include development, construction, tenant improvement, realty, property management, architecture, acquisitions and financing. Headquartered in Fort Lauderdale, Florida, Stiles also maintains regional offices in Miami, Palm Beach, Fort Myers, Tampa and Orlando, Florida, as well as Charlotte, North Carolina. Stiles is responsible for more than 40 million square feet of office, industrial, retail and mixed-use residential projects throughout the southeastern United States. For more information, please visit http://www.stiles.com or call 954-627-9300.