Homebuilder Expands in $10M-Plus Lease at Presidential Circle

Locally based Technical Olympic, a nationwide homebuilder that operates under the Engle Homes brand, recently acquired Transeastern Homes. The new lease is a 59% expansion of its previous space in the class A property, which is owned by CDR Realty LLC. This lease takes occupancy at Presidential Circle to 98.7%.

Rod Loschiavo and Jim Cahlin, senior directors in the Fort Lauderdale office of Cushman & Wakefield, were the sole brokers. Loschiavo says, "in a tightening real estate market, which combines with a significant increase in the cost of construction, it makes sense for tenants to do long-term planning to reduce occupancy costs well into the future." In this transaction, he says, "we provided our client with the opportunity for operating flexibility, lower rental rates and the ability to proactively manage their requirements."