Second-Largest Broward Office Lease of 2014

FORT LAUDERDALE, FL—It's the second largest office lease in Broward County so far this year. JKG Group, a marketing support services firm, just inked an 87,600-square-foot lease at Quiet Waters Business Park.

Wayne Schuchts, a principal with Avison Young, along with Steve Caster, president of Samoset Realty, represented the tenant. The lease is worth $8 million.

JKG will move into Building 4 of Quiet Waters, a seven-building class A office campus located at 710 to 750 South Powerline Road in Deerfield Beach, FL. In a move to drive operational efficiencies, JKG's relocation will consolidate three existing spaces.

“JKG Group was attracted to Quiet Waters Business Park primarily because of its convenient location which will allow the company to have a farther business reach throughout Broward, Miami-Dade and Palm Beach,” says Schuchts. “Due in part to the newly constructed building 4 at Quiet Waters Business Park, we were able to successfully secure an office product that met the space and quality requirements of the tenant.”

Class A space remains the most in-demand office type in Broward County. According to Avison's most recent market research, Broward is posting a 14.8% vacancy rate and showing steady decrease over the last two quarters.

“With vacancy rates continuing to decline as a result of tenants taking advantage of lower rental prices and limited new construction on the horizon, quality options are narrow for large space users,” says Schuchts. “In spite of the challenges, we were strategic in finding great value at a highly sought after location for our client.”

Quiet Waters Business Park sits on the northeast corner of Powerline Road and Southwest 10th Street. That gives JKG direct access to Interstate 95, Turnpike, and the Sawgrass Expressway. Building 4 has tilt wall construction, 24-foot clear height, 43 dock high doors, rear loading, and plenty of parking.