Cushman & Wakefield Director John K. Criddle has brokered 30,000 square feet of new office leases at Cypress Executive Center, a six-story, 140,635-square-foot office building located at 1901 West Cypress Road.
Criddle, along with building owner ICM Realty Group, has signed two new leases – one with Royal Seas Cruises and one with Yellow Pages.
Royal Seas, which is relocating from its current NE 25th Avenue location, was represented by Savills Studley’s Thomas Capocefalo. Cushman & Wakefield Director Caroline Fleischer represented Yellow Pages in its relocation from Deerfield Beach. Combined, these two leases increased the building’s occupancy by more than 20 percent.
ICM Realty Group recently purchased the building and is currently repositioning the asset as a class “A” office building via a capital improvement program slated to be completed by the end of the year. Planned improvements include a complete renovation of the lobby, common areas, rest rooms, tenant lounge, and conference facility.
“Within two months of new ownership and leasing representation, we’ve been able to secure ±30,000 square feet of new leases, increasing building occupancy to more than 80 percent,” said Criddle. “This activity level not only speaks to the strength of the market, but the also the strength of the new ownership and leasing team.”
Cypress Executive Center’s transition to a class A facility bodes well for the building’s future performance. Cushman & Wakefield research indicates that class A suburban offices in the Cypress Creek submarket have seen substantial occupancy gains in the past 12 months.
“Cypress Creek class A occupancy gains translated into a 3.9 percentage point decrease in vacancy year-over-year, bringing the rate down to 12.4 percent in 2Q15,” said Senior Research Analyst Lauren Pace. “The market posted positive occupancy gains during the first half of the year, further emphasizing strong market fundamentals and optimism in this office market.”
Cypress Executive Center is a six-story class A office building located in the heart of Cypress Creek, just west of the Interstate 95/Cypress Creek exchange.
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