Leases Totaling 60,275 SF Bring Office to 100%

Insurance firm Cigna leased 49,868 sf comprising a portion of the first floor and the entire second and third floors. Cigna was represented by CB Richard Ellis brokers Scott Allen and Paul Marko. Royal & SunAlliance Insurance Agency leased 10,407 sf on the first floor. The company was represented by Trammell Crow brokers Robert Orban and Carter Hopkins. Taylor & Mathis director of leasing Allison Adler represented the landlord in both transactions. Cigna and Royal & SunAlliance Insurance Agency join existing tenant Countrywide Home Loans, which leases the fourth floor.

The companies leased space that was vacated by DHL after the company moved its corporate headquarters to Plantation. Corporate Center II at Sawgrass is a 91,221-sf, class A office building located in the Sawgrass International Corporate Park. The landlord is an entity managed by UBS Global Asset Management Real Estate.

Adler attributes the leasing activity to the building's location, which has direct access to Interstate 595 and the Sawgrass Expressway. There are also numerous restaurants within one mile of the park at the Sawgrass Mills Mall and the Colonnade, including Grand Lux Café, the Cheesecake Factory, Legal Sea Foods and Rainforest Café.

Adler tells GlobeSt.com that Taylor & Mathis entered into negotiations with both tenants prior to the DHL lease expiring. Royal & Sun will operate their Latin American & Caribbean regional support office in the location, which was relocated from Charlotte, NC. The Cigna lease reflects a relocation from existing space in Plantation. "Leasing in southwest Broward, and specifically in Sawgrass, has been very strong," Adler says. "The vacancy rates are at their lowest, rental rate continue to creep up and there currently is only one new building in the market to offer class A office space, specifically larger continuous blocks."

According to a CB Richard Ellis Broward County office market report for Q3, Broward County is continuing to experience positive leasing conditions. In the Sawgrass submarket, the vacancy rate for the quarter was 10.7%, with 70,000 sf of year-to-date positive absorption. The average asking rental rate was $18.94 during the quarter.