Why This Office Tower is Winning With Tenants

“The market is tightening and this is one of the few class A office buildings in Broward County capable of accommodating users of all sizes.”

MIAMI—Bay View Corporate Tower is on massive office leasing roll. Over the past 12 months, it has seen nearly 180,000 square feet of office leases inked. Cushman & Wakefield executive director Deanna Lobinsky and associate Chase Kulp negotiated seven leases totaling 178,556 square feet. New Boston Real Estate Investment Funds owns the building. “We’ve seen tremendous interest from prospective tenants at Bay View Corporate Tower,” Lobinsky tells GlobeSt.com. “The market is tightening and this is one of the few class A office buildings in Broward County capable of accommodating users of all sizes.” At 412,520 square feet, Bay View Corporate Tower is Broward County’s largest office tower. The 12-story office building offers views of the Atlantic Ocean and Intracoastal Waterway, floor plates up to 33,500 square feet, an on-site café, a gift shop, an outdoor picnic area, ample parking in a covered garage as well as on-site security and management. Bay View Corporate Tower’s sits at 6451 North Federal Highway. That’s in the heart of Fort Lauderdale and within walking distance of dining and retail establishments along North Federal Highway. Tenants access the office tower via Interstate 95, Florida’s Turnpike and Interstate 595 and it’s close to the Fort Lauderdale-Hollywood International Airport. Salt Lake City-based healthcare staffing firm CHG Healthcare Services renewed its 84,112-square-foot office lease and expanded another 33,664 square feet. CHG is the largest tenant in the building at 117,776 total square feet. Pharmacy benefit manager Envision, a subsidiary of Rite Aid, relocated its South Florida offices from Downtown Fort Lauderdale to Bay View Corporate Tower, leasing 23,026 square feet. Envision is expected to relocate 100 employees to the new office location in October. Cushman & Wakefield executive director Jeff Holding and director A.J. Belt represented Envision in the lease negotiations. Building components supplier Alpine leased 12,705 square feet of office space . It expanded that space by 1,306 square feet and now occupies a total of 14,011 square feet the office tower. Holding and Belt represented Alpine. Kodak Securities, a platform provider for independent financial advisors, renewed it existing lease of 8,679 square feet and signed a 3,000-square-foot lease expansion, bringing its total in the building to 11,679 square feet. Holding and Belt represented Kodak. Maryland-based IT staffing firm E-Systems, a subsidiary of Allegis Group, leased 8,864 square feet of office space. The Miami Association of Realtors leased 1,625 square feet of office space . And Strategic Asset Management Group, a Fort Lauderdale-based financial advisor servicing high-net-worth individuals, municipalities, and corporations, leased 1,595 square feet of office space . According to Cushman & Wakefield research, demand for class A office space has increased in Broward County. The supply of available office space dwindles. “Tenant interest increased in the first quarter, with many searching for large blocks of space that are not available in the market, especially in the highly sought after Downtown CBD submarket,” wrote senior research analyst Valerie Tatum in the firm’s first quarter 2016 Broward County Office Snapshot. “The Broward office market will continue to tighten as prime rents trend higher, fueled by strong tenant demand and a declining supply of high-quality space.” Recently, we saw a mega office deal in Coral Gables. Check out my recent column for more details.