Cushman & Wakefield has completed a complex 107,325-square-foot headquarter lease expansion and renewal for Cross Country Healthcare.
Director Caroline Fleischer and Senior Director Addison Meriwether represented the Boca Raton-based healthcare staffing provider in its efforts to recast its current lease at 6551 Park of Commerce Boulevard, expand its lease at 5201 Congress Avenue and renovate its existing space to better align with its corporate needs. Cross Country has 300 corporate employees in Boca Raton and 1,600 corporate employees nation-wide.
Cross Country renewed 70,406 square feet at 6551 Park of Commerce Boulevard, where it will back-fill an entire floor for administrative needs. The firm also added 36,919 square feet at Congress Avenue and will occupy 15,000 square feet at 901 Yamato Road on a short term basis as swing space. Overall, the restructuring allows for future expansion. Next summer, Cross Country expects to move into the expanded space at 5201 Congress Avenue, where it will also occupy swing space through 2016 in an effort to accommodate several phases of tenant improvements in both buildings.
“This was an extremely complex deal structure with compound consulting strategies,” said Fleischer. “We helped Cross Country negotiate a recast of its current lease three years in advance, most notably with an above-market tenant improvement allowance. Ultimately, this will allow Cross Country to further nurture its current employee base and aid in future recruiting efforts.”
“The expansion space located at 5201 Congress Avenue was negotiated with a completely different ownership group, which added another challenge,” added Meriwether. “We were able to get all three parties on the same page, though, and mirror similar terms with two separate lease agreements.”
Cross Country’s modern workplace will include an in-house fitness facility, a massage room, a lactation room, yoga classes and an in-house Chef 24–7 market to provide convenient, healthy meals throughout the day.
“Cross Country Healthcare values its employees and is delighted to expand our footprint to continue to nurture a cohesive environment and growth,” said William J. Burns, Cross Country’s Chief Financial Officer. “We make every effort to promote healthy lifestyle opportunities for our employees on premises.”
6551 Park of Commerce Boulevard is a two-story, 70,406-square-foot office building built in 1998. Cross Country Healthcare occupies the entire building. 5201 Congress Avenue is two-story, 201,028-square-foot office building built in 1995 and recently renovated to include updated common areas and collaborative workspaces. The two buildings are less than two miles apart and offer easy access to Interstate 95, major airports and Florida Atlantic University.
BlackRock’s Christopher Aiken and Phuong Truong represented the landlord at 6551 Park of Commerce Boulevard. Mainstreet Real Estate Services’ Paul Kilgallon and Tamar Jacobs represented the landlord at 5201 Congress Avenue.
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