CORAL SPRINGS, FL—Sutherland Global Services has signed a five-year lease for 14,500-square feet of space at the University Place office building here.
The deal for the health care division of Rochester, NY-based Sutherland was announced by building owners Butters Construction & Development of Coconut Creek, FL and San Francisco-based Bristol Group. The deal is part of the partnership’s plans to redevelop the 10-story, 205,000-square-foot building at 3111 North University Drive into a Class A corporate center, company officials say.
The building, formerly known as Preferred Exchange Tower, was seized by a commercial mortgage-backed securities trust in 2012 after a default on its $24-million mortgage. Butters and Bristol acquired the building, the largest in Northwest Broward County, in late December, and are in the process of a $10-million redevelopment of the property. The capital program includes a new front retail façade, elevator modernization, new bathrooms and common areas, and a full refurbishment of the building’s atrium lobby.
The move to University Place follows Sutherland Global’s $200-million acquisition of Apollo Health Street, a provider of healthcare business services and health information technology-based solutions for major hospital, physicians and health insurance providers.
“Once we met with Sutherland’s executive team, we knew it was a good fit and that Sutherland would be a great tenant to have right out of the starting gate,” says Malcolm Butters, president of Butters Construction & Development. “The biggest challenge was that we needed to get Sutherland’s space planning and construction underway even as lease negotiations continued.”
Other University Place tenants currently include Scarborough Research, Community Bank of Broward and Cycle Up Supply Chain Services. Caroline Fleischer and Michael Feuerman, directors at Cushman & Wakefield, represented Sutherland in the transaction.