Patrinely Plans $50M Cornerstone Spec Office Building

Stuart Downey, VP and Florida regional manger for Houston-based Patrinely, declined to disclose an estimated construction cost for the 10-story building designed by Houston's Gensler architectural firm. On condition of anonymity, a developer of class A office properties in Broward County tells GlobeSt.com the cost is probably just over $200 per sf, which would put it at the $50-million level.

Hartford developed the 170,000-sf Cornerstone One building in 1991 and later sold a hotel site in the park for a 250-room Renaissance along with two freestanding restaurants. According to public records, Patrinely paid approximately $36 million for the existing office building and the remaining office sites, which aggregated about 35 acres, Downey tells GlobeSt.com. "At full build-out office use could total 803,000 sf," he adds.

Patrinely completed 110,000-sf Cornerstone Two, initially developed as a spec building, this June. Prior to its completion, locally based DHL leased the entire building and also extended its current lease for approximately 70,000 sf in Cornerstone One, which is also home to MetLife, Morgan Stanley and Smith Barney.

Prior to the DHL agreement, there was strong interest in Cornerstone Two, Downey says. "So, with both existing buildings 100% leased, we're optimistic regarding demand for the new building." It is expected to reach completion in second quarter 2007. The asking rent for office space in the center is "between $19 per sf and $20 per sf, net," he says. There is no planned schedule yet for construction of Cornerstone Three, which he says will aggregate 110,000 sf.