The Exchange in Fort Lauderdale Reports Strong Leasing and Office Condo Sales

Small-space office users lock in costs in a strengthening market.
By: Commercial Florida Realty Services
 
 
The Exchange, Fort Lauderdale
The Exchange, Fort Lauderdale
FORT LAUDERDALE, Fla. - Oct. 14, 2013 - PRLog -- The Exchange (http://www.commfla.com/exchange_3303-3363-w-commercial-blvd-fort-lauderdale-fl.html) six-building office complex in Fort Lauderdale has closed multiple recent transactions with a strategy available to few large Broward business parks -- offering small-space users a choice of “lease or buy.”

At the office park located at 3303-3363 West Commercial Boulevard, call center and contact management services provider Talk2Rep has leased 9,228 square feet for its corporate offices, and the law firm of PeytonBolin, PL purchased a 6,240-square-foot office condo suite.  Asset manager and broker George Sacks, managing principal of Commercial Florida Realty Services, represented owner The Exchange of Fort Lauderdale LLC in the transactions.

“As Broward’s office market slowly strengthens, we’re seeing higher demand for small blocks of space in suburban locations,” Sacks said.  “We have activity from professional firms and marketing-related companies that need 10,000 square feet of corporate space or less and are anxious to lock in costs before economic conditions shift,” Sacks said. “They’re keenly aware of the market’s signals, with Broward property values recovering and lease rates starting to increase in some of the county’s Class A complexes.  They know interest rates will inevitably rise.”

With 83 percent of its 174,473 square feet occupied, The Exchange is offering 1,900 to 6,500-square-foot office condos within a campus setting.  Built in the mid-1980s and located at the entrance to Fort Lauderdale Commerce Center, The Exchange converted its space to office condo in 2007.  Until the economy switched gears in 2008, The Exchange successfully sold both small and large blocks of space, Sacks said, thanks to a location close to Florida’s Turnpike, I-95 and the Fort Lauderdale Executive Airport.

Companies are running the numbers for lease vs. buy, based on their business models, Sacks said.  Tenants are securing today’s favorable leasing rates, and owner-buyers who anticipate stable space needs are moving quickly on low interest rates and the availability of up to 90 percent Small Business Administration (SBA) financing.

Law firm PeytonBolin, which represents condominium and homeowner associations throughout Florida, will relocate from Tamarac offices to The Exchange in December, according to founding partner Mauri Peyton.  “We’ve found the cost of ownership is not much higher than leasing, and the tax benefits are significant,” he said.  The law firm secured SBA financing through Paradise Bank.  “Local property values are trending upward,” Peyton said, “and we expect the Commercial Boulevard business corridor to grow.”

Talk2Rep, whose CEO is Jim Ryan, moved its corporate offices from Tamarac to The Exchange this summer. The company specializes in outsourced teleservices and live chat for multiple government agencies and recognized global brands such as AT&T, Casio, Bayer and more.

“The Exchange’s access to major roadways and Broward’s airports is convenient for our staff and clients,” said Ryan.  “Our needs were complex, including placing a generator on-site, and Commercial Florida Realty streamlined the process.”

The Exchange provides a park-like environment for its tenants and office condo owners, which include Securitas USA, the American Cancer Society, Saveology Corporate Headquarters and Interval Servicing.

Commercial Florida Realty Services, LLC focuses on value creation through quality commercial real estate advisory, management, financial and strategic services.  Based in Boca Raton, the firm’s services include commercial brokerage/leasing, property management, asset management, property acquisition and land disposition.  For information visit www.commfla.com.
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Source:Commercial Florida Realty Services
Email:***@smith-knibbs.com Email Verified
Tags:Office condos, Office Park, Class A complexes
Industry:Real Estate, Business
Location:Fort Lauderdale - Florida - United States
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