MIAMI—Cypress Park West’s investments in capital improvements are paying off with a new string of leases. Cypress Park West I and II, a class A office complex in Fort Lauderdale, FL has inked three leases spanning 47,300 square feet.
Regus signed a new lease, Claims Verification signed an extension, and Southern Auto Finance Company expanded at the 229,000-square-foot facility. Cypress Park West is located at 6700 and 6750 North Andrews Avenue.
“Cypress Park West’s continued focus on property enhancements was instrumental in our decision to grow our business here,” says Fay Luepnitz, South Florida market director of Regus. “Our customers benefit from the proximity to major thoroughfares and nearby amenities, complementing the exceptional experience we provide them in the workplace.”
Regus is the world’s largest provider of flexible workplaces. The alternative office space brand is taking down 27,585 square feet to cater to small- and mid-size businesses and entrepreneurs in the area. Claims Verifications, an independent investigation firm serving the insurance industry, has maintained space signed a renewal for 8,018 square feet. Another existing tenant, Southern Auto Finance Company, expanded by 1,200 square feet. The deal marks Southern’s second expansion since moving to the building in 2010.
The three leases come on the heels of a number of capital improvements over the past year, including renovations to the ground floor lobby and common corridors, upgrades to its security and telecommunications systems, a new conference room facility and installation of high speed fiber. Ownership has invested approximately $400,000 in the property.
Cypress Park West’s tenant roster also includes a number of major corporate users, such as Microsoft and Sprint. The complex has a total occupancy rate of 83% outperforming the Ft. Lauderdale market’s average occupancy rate, according to Jones Lang LaSalle‘s fourth quarter research.