Cushman & Wakefield Represents Landlord & Tenant In Huge Office Lease Renewal, Expansion

Ultimate Kronos Group, Inc. (“UKG”) has completed a 140,599-square-foot long-term office lease renewal and a 14,072-square-foot office lease expansion (cumulatively 154,671 square feet) at Weston Pointe, located at 2250 North Commerce Parkway in Weston.

Ultimate Software Group, Inc., which merged with Kronos Incorporated in 2020 to form UKG, was founded in Weston in 1990. UKG currently operates a dual headquarters model, with one headquarters located in Lowell, Massachusetts and the other in Weston, Florida.

Cushman & Wakefield’s Deanna Lobinsky and Chase Kulp represented the landlord, an institutional client of New York Life Real Estate Investors, in the lease negotiations. John Boyle, Tony Jones, and Mary Burnieka, also of Cushman and Wakefield, represented the tenant, UKG.

“At nearly 155,000 square feet, this market-making transaction is the largest office lease renewal completed in Broward County since 2019. With the execution of this lease, UKG, one of the largest and most recognizable HCM, payroll, and workforce management technology companies in the world, has reaffirmed its commitment to maintaining a strong office and employment presence in both Weston, FL and Broward County, respectively. Our team worked with ownership to develop a strategy to mitigate the risks of new development in the area and secured a long-term lease that was extremely accretive for the asset,” said Lobinsky, Executive Director at Cushman & Wakefield.

 

“On behalf of ownership, we are very excited to have renewed and expanded UKG at Weston Pointe. The property is now 97% leased with a 7.5 year weighted average lease term, which is an incredible accomplishment given the current macroeconomic headwinds facing the office sector. We couldn’t be more pleased with Deanna and Chase’s persistence and performance in executing this renewal with such an important tenant for our client,” added Joe Thomas, Director of Asset Management at New York Life Real Estate Investors.

Weston Pointe is a four-building, Class A, suburban office asset acquired by New York Life Real Estate Investors in January 2016. Weston Pointe is situated at the intersection of I-75 and Royal Palm Boulevard in one of the most prestigious office submarkets in Broward County. The property offers abundant parking, on-site property management provided by Foundry Commercial, a recently modernized tenant fitness center, and the property recently achieved LEED Silver certification and a Fitwel Level 1 designation.