By Timea Papp
Cushman & Wakefield has arranged a new lease along with a lease renewal and expansion at Cypress Financial Center, a 198,528-square-foot office building in Fort Lauderdale, Fla. Insurance company Patriot National and Marcus & Millichap leased roughly 32,000 square feet, bringing the Class A property to 88 percent occupancy.
Located at 5900 N. Andrews Ave., in the city’s Cypress Creek submarket, the 11-story Cypress Financial Center recently underwent an expansive renovation program that included the modernization of the lobby, common areas and elevators, new landscaping and exterior lighting, as well as a new monument and directional signage. The property features amenities such as on-site security, café and an attached covered parking.
Diverse tenant base
Patriot National leased 18,828 square feet and relocated from 401 E. Las Olas Blvd. with the assistance of Stiles Realty. Marcus & Millichap, represented by Cresa, renewed their lease and expanded it by 1,000 square feet to a total of 12,851 square feet. Other notable tenants include City National Bank, Altadis, and TD Bank, which signed a 16,675-square-foot lease renewal last year.
Cushman & Wakefield Executive Director Travis Herring and Director Katherine Ridgway represented landlord Steelbridge in the lease negotiations. According to Yardi Matrix, Steelbridge acquired Cypress Financial Center in Sept. 2014 for $32.6 million. The owner selected Cushman & Wakefield as exclusive leasing advisor for the property in 2017.
“Cypress Financial Center’s central location within the tri-county region as well as its convenient highway access were big drivers for Patriot National to relocate here and for Marcus & Millichap to extend and expand its lease for the long term,” Herring said in prepared remarks. “Steelbridge’s extensive updates to the property have positioned it as a top choice among major employers looking to relocate to the Cypress Creek submarket.”
Image courtesy of Yardi Matrix