Studley's executive managing director Adam Singer, of the company's suburban Washington, DC office, senior managing director Laurent Myers, also of the Washington, DC office, and managing director Alisa Waerlop, of the Fort Lauderdale office, represented URS in the transaction. The building landlord, Prudential, was represented by CLW Real Estate Services Group, which manages and leases the building.
Waterford Plaza is a 242,495-sf, 12-story class A suburban office building located at 7650 West Courtney Campbell Causeway. URS, an engineering design firm, is the building's largest tenant. Other tenants include AON Corp. and HomeBanc Mortgage Co.
According to Studley's office market report, the overall availability in the Westshore submarket where Waterford Plaza is located decreased from 16.9% in the first quarter of 2005 to 10.8% in the first quarter 2006. Waerlop could not be reached by deadline, but in a released statement said, "When we initiated this transaction, Westshore's high vacancy rate as well as those of surrounding submarkets offered a wide array of buildings for URS to consider, but rapidly shifting market conditions quickly reduced the acceptable alternatives, resulting in a renewal transaction or build-to-suit solution. The Studley/CLW team worked cohesively to give URS and Prudential a final transaction that was not only competitive but also made economic sense for both companies."
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