Steelbridge Names Leasing Agent for Newly Acquired Property

FORT LAUDERDALE, FL—Steelbridge Capital has selected JLL to exclusively lease and market its newly acquired Cypress Financial Center office property here.

In mid-September, Steelbridge acquired the 198,528-square-foot office building for a reported purchase price of approximately $32.5 million. JLL's Sandra Andersen, senior vice president, and associate, Chase Kulp, will lead the leasing effort for the office building located at 5900 N. Andrews Ave.

Steelbridge Capital, a privately held, real estate investment company based in Miami and Chicago, recently acquired the office building with the sole objective of re-establishing Cypress Financial Center as the premier office building in the Cypress Creek corridor, JLL states.

The ownership has outlined a rapid capital improvement program that will focus on significantly upgrading the lobby and common areas, modernizing the elevators and other mechanical enhancements, as well as a complete renovation of the exterior and landscaping features.

“We've established a great relationship with Steelbridge Capital over the years, and firmly believe we can duplicate the prior leasing success JLL had with this asset,” says JLL's Andersen. “Our leasing strategy will focus on reintroducing the asset to the market by emphasizing the new ownership and the significant capital investment they are making to restore the building as the marquee property in Cypress Creek and the ideal alternative to Downtown Fort Lauderdale.”

Cypress Financial Center currently offers floor plates that can accommodate a variety of tenant sizes and configurations, including full floor or larger tenants. Major tenants at the office tower include global insurance provider MetLife, BDO, TD Bank and commercial real estate brokerage firm Marcus & Millichap. The rental rates at Cypress Financial Center range from $18 to $19 per square foot, triple net.