CBRE has been selected as the exclusive leasing agent for 200 East Broward Boulevard, a landmark, Class A, 225,650-square-foot office tower located in Fort Lauderdale’s Central Business District, according to a release.
The property was recently acquired by Realty Associates Fund X LP, a company linked to Boston-based institutional investor TA Associates Realty LLC, making it the fourth office property to trade in the downtown submarket in the past 12 months.
The new owner will embark on an impressive renovation program for 200 East Broward to capitalize on robust market fundamentals and growing demand for high-quality office space downtown.
Downtown Fort Lauderdale’s office market is performing strongly, with 387,000 square feet of positive absorption over the last year and a half, bringing vacancy down to a pre-recession low of 13.6% (Q2 2014). Since 2011, CBRE has tracked 27 tenants totaling 375,000 square feet that have relocated from the suburbs to the CBD, and projects 32% market rent growth in Fort Lauderdale over the next five years.
“Ideally located in the heart of the ‘live-work-play’ environment of downtown Fort Lauderdale, 200 East Broward is well positioned to capitalize on Fort Lauderdale’s growth spurt and, under the ownership’s new vision and leadership, solidify its position as one of the most desirable office properties in the downtown market,” said CBRE Senior Vice President Deanna Lobinsky.
The 1992-built, 21-story office tower is prominently located at the intersection of Broward Boulevard and SE 3rd Avenue.
The Energy Star-rated project provides for retail and bank space on the ground and mezzanine floors, and eight stories of parking, with the office space on floors nine through 21. Additionally, the property features an attached 9-story parking garage, built in 2002, which combined with the pedestal garage provides for a 2.4 per 1,000 SF parking ratio.
The property is nearly 88% occupied, with tenants including Greenspoon Marder, PNC Bank and Shutts & Bowen.
CBRE’s Jarred Goodstein and Avi Fisher are collaborating with Lobinsky in representing 200 East Broward Boulevard.
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