Sandra Anderson, senior leasing director of the area office of Jones Lang LaSalle, represented the owner, locally based Florida Office Property Group. Ingrid Fulmer of Coldwell Banker Commercial represented the tenant, which is the Florida operation of New York City-based Tarragon, a multifamily developer with offices in Connecticut, Texas and Tennessee.
The rental rate and term of the lease are undisclosed. But second-quarter data from the local office of CB Richard Ellis puts the average asking rental rate for class A space in the Cypress Creek submarket at $15.50 per sf triple net. A report from the local office of Studley says the 2Q class A rate for the combined Cypress Creek/Fort Lauderdale market is $22.66 per sf, a 46-cent-per-sf increase from the same time a year ago.
The Cypress Creek submarket has dominated Broward County's overall absorption activity for the first half of 2005, according to Anderson. She says the Tarragon transaction "represents positive net absorption for the class A sector where very few blocks of contiguous quality space remain." The CBRE report puts the class A office vacancy rate in Cypress Creek at 15.8%.
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