"Although it has been a difficult year for the real estate market, these new leases indicate the office market in Broward County is coming back to life," Pike Rowley, director of the Broward County division of Codina Realty Services Inc. ONCOR International, says in a prepared statement. " With increased activity and new developments, west Broward is becoming a prime market for new business growth."
Rowley refused to disclose average quoted rents and estimated lease values. Area brokers assisted GlobeSt.com with the numbers.
American InterContinental University (AIU) leased 77,000 sf of space at Beacon Pointe, Phase III. The lease is valued at approximately $20 million. The 400,000-sf class A office park is located at 2250 N. Commerce Parkway in Weston, FL. AIU plans to open a South Florida campus at this location. The AIU lease brings Beacon Pointe, Phase III to a 77% occupancy level.
All About Staffing Inc. signed an estimated $10 million lease for 40,000 sf at Sawgrass Pointe. Sawgrass Pointe is a 230,000-sf, six-story class A office complex at 1000 Sawgrass Corporate Parkway in Sunrise, FL. All About Staffing is a staffing company that specializes in health care. The All About Staffing deal makes Sawgrass Pointe 30%-occupied.
"We are pleasantly surprised at the increased activity of office users in the southwest Broward marketplace," Rowley tells GlobeSt.com. "At present, we're working on in excess of 300,000 sf for prospective tenants. Due to the fact that no spec office buildings are planned, we see strong positive absorption numbers for year-end 2002."
Rowley represented Beacon Pointe and Sawgrass Pointe owner Duke Realty in both transactionsJulien J. Studley Co. represented AIU. Ivan Siegal negotiated for All About Staffing.
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