Cushman & Wakefield Director John K. Criddle has been named exclusive leasing agent for Cypress Executive Center, a six-story, 140,635-square-foot office building located at 1901 West Cypress Creek Road.
The building’s location provides easy access to Interstate 95, Florida’s Turnpike, bus routes, TriRail, and Fort Lauderdale Executive Airport.
Cypress Executive Center currently has 45,626 square feet of available space.
ICM Realty Group recently purchased the building and intends to reposition the asset into a Class A facility via a capital improvement program.
“Given the strong conditions in the Cypress Creek submarket, it is the ideal time to reposition the center as a premiere Class A suburban office building,“ said Criddle. ”ICM has already commenced the renovation work, which is expected to be complete within six months. Plans include renovating the lobby, common areas, bathrooms, exterior landscaping and adding amenities including a conference facility and tenant lounge.”
“I am confident that ICM’s significant capital investment and our hands-on, results-oriented leasing approach will pave the way to success,” added Criddle. “Our goal is to always try and create the best business environment for our current and future tenants.”
Cushman & Wakefield’s research indicates that similar efforts within the market have been successful.
“As a result of sharply tapering supply in Broward’s premier office submarkets, average asking rental rates continued to increase rapidly in Class A-heavy submarkets like Cypress Creek and Downtown,” reads the firms’ Q4 2014 Broward County Office Marketbeat. “At $31.37 per square feet, Class A rents currently lead Class B rents by a hefty 29.5%.”
“While increasing demand in the market continues to push rental rates upward, some redevelopment projects undergoing upgrades have also caused asking rents to rise over the past two years,” added the report.
“Cushman & Wakefield’s platform, which combines the qualities of an entrepreneurial service organization with a disciplined, institutional orientation, is an ideal fit for ICM and Cypress Executive Center, ” said ICM Realty Group Managing Director Andrew Webb. “John and his team’s in-depth market knowledge and considerable relationships favorably position them for bringing tremendous value to the building’s tenants and to ICM.”
ICM has selected Atlanta-based Songy Highroads to manage the asset. Robert A. Brooks, Regional Director – Florida, is confident the assembled team will maximize the potential of the property.
“The combination of a financially strong landlord with pride of ownership, results-orientated landlord brokerage representation, and institutional on-site professional management will insure the success of the asset,” said Brooks.
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