Vanguard Car Rental Leaving 165,000-SF in Fort Lauderdale

FORT LAUDERDALE, FL-A 165,110-sf Downtown office building that has housed a single tenant since it was built 17 years ago is being vacated and may, for the first time, become a multi-tenant building. In addition, the building’s name has changed, and renovations are planned to make it feel like a class A structure.The current tenant, Vanguard Car Rental, plans to move its headquarters from the 11-story building, located at 200 S. Andrews Ave. a block south of Broward Boulevard, to Oklahoma in the fall. Formerly known as ANC Plaza, the building’s name is now Museum Plaza due to its location adjacent to the Museum of Art, located there since 1985.Cushman & Wakefield of Florida Inc.’s Greg Martin, director of commercial brokerage, and Jacqueline Blake, associate of commercial brokerage, have been chosen as the exclusive leasing agents for the building, which has housed the Huizenga Holdings headquarters, Blockbuster Video, ANC and later Vanguard Car Rental when it purchased ANC last year. “It’s always been a single-tenant building,” says Martin. “The building has really never been available to the general marketplace as a leasing option.” That is, until now.”Ideally, we’d like to find a replacement tenant, but we are also entertaining multi-tenant” usage, he says. A couple of parties are interested in the entire building, he says, adding, “We have received a great deal of interest in the building.”The property owners, a private partnership of investors based in California, are considering keeping the plaza a single corporate- or municipal-user building, or repositioning it to get high-quality tenants. “The demand for each of these options in the short term will determine the long-term direction Museum Plaza takes,” Mark Gilbert, senior director of financial services for Cushman & Wakefield and the owner’s representative, says in a statement.The building is class B with class B pricing and class A amenities. Upgrades planned include renovations to the lobby and common areas, including bathrooms, Martin says. In addition, the owners are looking at some other possibilities as it relates to access to the parking garage as well as changes to the plaza itself, he says. The plaza is the area between the building and the Museum of Art is a large, open-air plaza with pavers, landscaping and trees. “A budget has not been set” for the renovations, he adds.The building, built in 1987, was retrofitted in 1990 and upgraded in 2000. Lease rates are $25 per sf full service.

“This assignment in the building fits very well with our existing landlord agency portfolio, and it will expand our presence in the Downtown Fort Lauderdale market,” Martin says. Cushman & Wakefield also handles leasing of the Autonation tower, at 110 S.E. 6th St. in downtown Fort Lauderdale, but that building has little space available.