By Timea Papp
Avison Young has completed a series of new lease transactions at Trade Center South, a 215,000-square-foot, Class A office building in the Cypress Creek submarket of Fort Lauderdale, Fla. The agreements amount to more than 60,000 square feet and consist of new leases, renewals, as well as expansions.
Located at 100 W. Cypress Creek Road, the 10-story building was completed in 1984 and underwent cosmetic renovations in 1991 and 2011, Yardi Matrix shows. Recent lease agreements at Trade Center South point toward a trend of office tenants seeking cost-effective space, according to the release.
Suburban office appeal
Broward Metropolitan Planning Organization signed a 20,125-square-foot lease for its new headquarters and Whitehouse Engineering agreed to occupy 4,703 square feet, while AFLAC leased 4,395 square feet and Paradise Cruises will move into a 2,702-square-foot space. Imperial Brands signed on for 6,834 square feet and Moffa, Sutton & Donnini opted for a 5,049-square-foot space, both companies expanding their original spaces and relocating from downtown Fort Lauderdale.
New-to-market tenant JDI Data leased 3,390 square feet, while American Friends of Hebrew University renewed its 2,029-square-foot lease. Additionally, Triumph Staffing signed a 2,704-square-foot renewal and ACE/Jiffy Lube will continue to occupy 4,290 square feet at the property. Cequint renewed and expanded its original 5,615-square-foot lease and will now take up a total of 10,075 square feet.
The team of Principal Greg Martin and Vice President Peyton Moore represented the landlord in the negotiations. According to Yardi Matrix, DRA Advisors has owned the asset since November 2011.
“Significant increases in rental rates in downtown Fort Lauderdale are pushing some tenants to evaluate suburban office opportunities,” Martin said in a prepared statement. “Trade Centre South provides great value and quality amenities to tenants with an onsite Tri-Rail station, free structured parking, a Class A office environment and finishes, all at suburban rental rates significantly lower than the downtown Fort Lauderdale area.”
One of Cypress Creek’s largest blocks of contiguous space totaling roughly 38,000 square feet is currently available on Trade Centre South’s fifth floor. Situated at the crossroads of Interstate 95 and Cypress Creek Road, the property is approximately 15 minutes from Fort Lauderdale-Hollywood International Airport.
Image courtesy of Avison Young