Downtown Ft. Lauderdale Loses 33,000 SF Tenant To Miami

Silversea Cruises’ relocation to Miami could deal a terrible blow to a downtown Fort Lauderdale office tower that was already battling a foreclosure lawsuit.
The cruise line announced July 23 that it would move 150 workers to downtown Miami’s Wells Fargo Center. While that would be a win for Miami, it would leave a big hole in Corporate Center, at 100 E. Broward Blvd.
Silversea Cruises is the largest tenant in Corporate Center, with a lease of 33,028 square feet, according to commercial mortgage-backed securities (CMBS) analysis firm Trepp LLC. That represents nearly 10 percent of the 342,465-square-foot building.
The owner of the 24-story office building has been facing a foreclosure lawsuit since 2013, when U.S. Bank, as the representative of a CMBS trust, filed a foreclosure against New York Life Insurance Co. and 35 tenant-in-common entities under the names Cabot East Broward. Trepp reports that the mortgage has $37.77 million in principal outstanding and hasn’t been paid since late 2012. New York Life has a ground lease on the property with building owner Cabot East Broward.
Trepp said the building was 63 percent occupied in 2014, including Silversea Cruises. The building was last appraised at $33 million in 2014, according to Trepp.
Research from the JLL Skyline digital platform shows a 44 percent occupancy rate for Corporate Center in June – the lowest of any major downtown Fort Lauderdale office building. In fact, most of them were more than 80 percent full.
Miami attorney Michael Woodbury, who represents U.S. Bank in the lawsuit, couldn’t be reached for comment.
The foreclose lawsuit remains pending. As a separate party to the case, South Florida Construction Associates won a $568,562 judgment against Cabot East Broward in 2014 over unpaid contractor liens.
Once Siversea Cruises leaves, the largest tenant in Corporate Center would be Branch Banking & Trust Co., with 22,310 square feet.
The office tower was built in 1982 and renovated in 1999.

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