Brokers would not release the value of the five-year lease. The average asking rental rate in Weston, according to Codina's third-quarter office market report, is $25.02, which would place the lease value at approximately $6.26 million. However, a representative of Codina--which brokered the deal--says Kos Pharmaceuticals did not pay that amount. Even at $20 per sf, the lease would be valued at about $5 million.
Kos Pharmaceuticals plans to relocate from its 21,000-sf location on Northwest 77th Ave. in Miami Lakes, FL. The company will use its new location for offices, research, development and clinical trials, among other uses.
"This lease is representative of the activity we're seeing in Southwest Broward County and an indication that the office market is gaining momentum," says Rowley. "We have several new leases under negotiations in Beacon Pointe and Sawgrass Pointe and will have completed more than 275,000 sf of office leases by the end of this year."
Beacon Pointe at Weston, located at 2250 N. Commerce Parkway, is a 400,000-sf class A office park. This deal will bring the park to 97% occupancy.
In this transaction, Pike Rowley, director of the Broward County division of Codina Realty Services Inc. ONCOR International, represented Beacon Pointe's owners, Duke Realty and Flagler Development. Bob Banks of Properties Group Inc. represented Kos Pharmaceuticals.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
