Moss & Associates Inks Deal For Entire 119,000 SF Office Building In Fort Lauderdale

Gladstone Commercial Corporation has executed an 11-year, 1-month lease with Moss & Associates LLC for the entirety of the 119,224-square-foot office building located at 6363 NW 6th Street in Fort Lauderdale, commencing on June 1, 2023.

Moss had been subleasing approximately 40% of the building and had previously executed a 5-year, 4-month deal beyond the sublease term for that space. It will now expand into the full building on a longer-term direct lease with Gladstone Commercial.

Gladstone acquired the property in 2016 for $23,900,000 ($200.46 per square foot) from Mainstreet Capital Partners, a Florida-based private investment firm.

• The Property sits adjacent to Citrix’ global headquarters and has been occupied by Citrix since 1997. Citrix has expanded eight (8) times in the property to become the full building occupant as of May 2015.
• GCC assumed the in-place 10-year net lease with a remaining term of 9.1 years at close.
• GCC financed the acquisition with Principal Financial Group. Principal provided a $14.1MM non-recourse mortgage at a fixed rate of 4.25%. The loan has a 10-year term with a 25-year amortization period.
• The going in “cash” cap rate was 7.5%, and the averag

“We are very excited to have Moss expand into the remaining three floors, preserving the building as a single-tenant asset,” said EJ Wislar, Chief Investment Officer of Gladstone Commercial.

 

“This long-term deal reflects Moss’s commitment to the space and their desire to expand their relationship with us,” added Greg Yayac, Senior Vice President of Gladstone Commercial. “We strive to develop strong partnerships with our tenants, and we look forward to continuing to work with them.”

 

“Our ability to execute this deal in an overall challenging leasing environment highlights the quality of the asset,” said Buzz Cooper, President of Gladstone Commercial.