Subsidiary Of RiteAid Relocates, Inks 23,000 SF Deal
EnvisionRx, a leading pharmacy benefit manager and subsidiary of RiteAid, is relocating its South Florida offices from downtown Fort Lauderdale to Bayview Corporate Tower at 6451 North Federal Highway.
EnvisionRX leased 23,026 square feet in the building in early May and is expected to relocate 100 employees to the new location in October.
Cushman & Wakefield’s Jeff Holding and A.J. Belt, tenant representation specialists who joined the firm in January, represented EnvisionRx in the transaction. Cushman & Wakefield Executive Director Deanna Lobinsky and Associate Chase Kulp represented building owner New Boston.
Holding and Belt also negotiated a 6,241-square-foot lease in Las Olas Centre II with new-to-market, Detroit-based law firm Dickinson Wright, LLP. Dickinson Wright currently occupies temp space in a sister building at 450 East Las Olas Boulevard and is scheduled to move its 20 employees into its new offices at 350 East Olas Boulevard later this year.
“The knowledge of the local market that both Jeff Holding and A.J. Belt brought to the table was instrumental in our law firm successfully signing a lease on an expedited basis,” said John D. Gorzalski, Chief Administrative Officer of Dickinson Wright. “An opportunity presented itself to us on rather short notice so we had to act quickly and efficiently. Jeff and A.J. proactively paced us through the process, were very well prepared for our space tour and had existing relationships with the owner’s representatives which all helped paved the way for a fruitful transaction.”
ComReal’s Timothy J. Talbot represented building owner RREEF Property Trust in the transaction.
GQG Partners, a new-to-market boutique investment firm founded by Rajiv Jain focused on global and emerging market equities, also represented by Holding and Belt, signed a 3,705-square foot lease at a Class A high-rise along Las Olas Boulevard. Talbot represented building owner RREEF Property Trust in the GQG transaction as well.
“Broward County continues to attract corporate relocations based on strong market fundamentals, an excellent demographic profile and its central location in the South Florida marketplace,” said Belt. “We’re seeing tremendous interest from potential tenants and it doesn’t seem to be waning.”
“We continue to provide our clients with strategic solutions and assist them in procuring concessions in this landlord’s market,” added Holding. “With EnvisionRX, we were able to reduce their occupancy costs by 50 percent while maintaining the same employee headcount.”
According to Cushman & Wakefield research, the Broward County office market remains a prime relocation target for companies of all sizes.
“With increased tourism, positive job creation and expectations for the start of the high-speed rail network high, Broward County’s office market remained competitive to companies looking to locate in the South Florida market,” wrote Senior Research Analyst Valerie Tatum in the firm’s 1Q 2016 Broward County Office MarketBeat Report. “Tenant interest increased in the first quarter, with many searching for large blocks of space that are not available in the market, especially in the highly sought after Downtown CBD submarket. Smaller tenants were also active in the 2,000 to 20,000 square foot range.”
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