MIAMI—Avison Young has made its mark on Florida's commercial real estate scene this year, retaining more than 425,000 square feet of leasing assignments over the past 12 months. The latest win is an exclusive leasing assignment at Pinnacle Corporate Park.
The 260,000-square-foot two-building office campus is located at 500 and 550 West Cypress Creek Road in Fort Lauderdale, FL. Currently 84% occupied, the park offers a prime office locations in the Cypress Creek submarket.
Principal Greg Martin and senior associate Peyton Moore with Avison's Fort Lauderdale office will oversee the leasing activities for Pinnacle on behalf of the new ownership investment group led by Miami-based Banyan Street Capital and New York-based DRA Advisors. The acquisition is the second notable office building sale to close in the area recently, representing an uptick in investor activity within the steadily recovering Cypress Creek submarket.
“Working with ownership, we plan to maintain the current success of the park by identifying potential tenants positioned for the long-term,” says Martin. Located just west of the Interstate 95, Pinnacle is minutes away from the tri-county commuter rail and walking distance to restaurants, banks, and shopping amenities. Both class A office buildings are serviced by on-site management.
“With Broward County's increase in employment, declining vacancy rates, and office building construction at a stand-still due to the lack of available land, the search for quality office space is prevalent among growing companies,” says Martin. “Pinnacle Corporate Park's premier location and value in the market will allow us to secure gold-standard tenants within the buildings.”
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