Leasing Activity
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Two thirds of the 111,712 s.f. of leasing activity in the Downtown market this quarter, were renewals and expansions covering 74,842 s.f.
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Pre-leasing activity picked up at the recently delivered 200 Las Olas Circle (204,000 s.f.), owned by Stiles Realty Company. Despite hitting the market this quarter, direct vacancy was at a low 15.9 percent. Fourth quarter deals included:
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An unnamed energy firm leased 5,028 s.f.
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Harriman Capital’s lease for 3,104 s.f.
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Two significant subleases were inked this quarter in Tower 101 Downtown:
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Auto Bank subleased 17,708 s.f. from the original tenant, Sunbelt, for the remainder of their lease expiring year end 2014.
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Bank of Commerce subleased 9,627 s.f. from Sunbelt as well, with a lease expiration of year end 2014.
Building Sales
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1550, 1551, 1560, & 1601 Sawgrass Corporate Parkway, located in the Sawgrass International Corporate Park (400,000 s.f. total) traded this quarter. PNC Realty advisors purchased the assets from TIAA-CREF for a reported $86.5 million. TIAA-CREF purchased the assets individually at different times throughout November 1997 – November 2000 for a total of $52.2 million.
Construction Activity
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Two Class A projects are proposed for construction in the heart of downtown Ft. Lauderdale:
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Atlantic Center (437,000 s.f.), a 28-story building owned and developed by Crocker Partners & ING Clarion is expected to begin construction in March 2008 with a final delivery date in the second quarter of 2010.
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The Seagate, which is a 12-story, 153,000 s.f. asset located at SE 3rd Avenue & SE 9th Street, is also expected to break ground in the second quarter of 2008.
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Currently under construction in Broward County is a Class A office building (438,163 s.f.) and another proposed (1,813,316 s.f.), which together total 2,251,479 s.f., or 15.6 percent of the current existing stock.
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