Health Insurance Tech Company Inks 26,000-SF Lease

As the South Florida market continues to see an influx of technology firms, Colliers South Florida has brokered a new 26,163-square-foot office lease with Benefytt Technologies at Hotwire Technology Center located at 2100 West Cypress Creek Road in Fort Lauderdale. This five year lease is the second South Florida lease Benefytt, a Tampa-based health insurance technology company, has executed in the last 12 months.

Jonathan Kingsley, Colliers South Florida’s Executive Managing Director of Office & Industrial Services, and Jarred Goodstein, Colliers International South Florida Senior Director of Office Services, represented the landlord, Hotwire Communications, and Benefytt Technologies in the transaction.

“This lease speaks to the continued strength of the Class A office market and the increased demand we’re seeing from new-to-market tenants,” Kingsley said. “We are pleased that we were able to help our long-standing client, Hotwire Communications, fill their surplus of available space with the perfect tenant, and another client of ours, Benefytt Technologies.”

The health insurance technology company primarily works on the development and operation of private e-commerce health insurance marketplaces, consumer engagement platforms, agency technology systems, and insurance policy administration platforms. The company plans to occupy the new office space in May 2021.

Hotwire Communications, one of the nation’s leading fiber optics telecommunications providers specializing in multi-family communities, purchased the office building, now Hotwire Technology Center, in February 2016 as their own corporate headquarters. The highly durable, 183,000-square-foot facility is fully Category-5 hurricane-proof, offering redundant power and back up as well as state-of-the-art protection for the company’s network.

The Hotwire Technology Center contains Hotwire’s central Data Center, where the company’s network is directly connected to multiple customers through a branching, self-healing fiber ring, and is reinforced by layer-upon-layer of redundancy, dual-power grids, multiple backup generators, and 24/7/365 monitoring by onsite personnel. The facility is kept cool through state-of-the-art magnetic chillers, which provide additional failsafe redundancy and ensures that vital equipment is maintained at proper temperatures at all times. Using Variable Frequency Drives to ramp up motors throughout the chiller plan system, Hotwire is able to achieve full operational performance at only 30% capacity, resulting in the most energy efficient plant possible.

In addition to the Hotwire Technology Center’s safety features, the Data Center’s service capabilities, colocation facility, carrier-neutral cross-connect environment, 2N+1 redundancy, and augmented security features, including an Inergen fire suppression system, all make the facility the host of choice for the servers of multiple third-party media organizations and Tier 1 Providers.

According to Colliers South Florida first quarter research for 2021, the Cypress Creek market currently has 22 Class A office buildings totaling 2.5 million square feet with a vacancy rate of 11.5 percent. The average direct asking rate is $32.49 per square foot.