A little more than a year ago, DirecTV Latin America filed for bankruptcy adding 90,000 sf to the 50,000 sf already vacant in the building, which is owned by California State Teacher's Retirement System. In addition to its woes, it competes with the Cypress Creek submarket, which, according to Deanna Lobinsky of the local office of CB Richard Ellis, has experienced the highest office vacancy rate in Broward County over the past two years. She and Travis Herring in the same CBRE office represented CALSters in the lease transactions.
Largest among the lease deals is Coldwell Banker Residential Real Estate, which inked a lease for 13,873 sf. Integrated Global Solutions took 7,748 sf, while Stuart Weitzman renewed and expanded to 7,641 sf. The other seven new tenants' leases ranged from 5,814 sf to 1,536 sf.
The aggregate value and rental rates for the new tenants is undisclosed. A CBRE report puts the average asking rental rate for class A office properties here at $26.08 per sf full service. However, the same report puts the submarket's vacancy rate at 18.2% and states, "the high vacancies give tenants the upper hand in lease negotiations." It also says that class A average asking rates are "the most susceptible to price discounting."
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