Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MIAMI-High-profile corporate tenants are rapidly filling up the nine-story, 240,000-sf Royal Palm at Southpointe office park in Plantation, FL, 25 miles north of Downtown Miami. Five leases totaling 26,500 sf and valued at an aggregate $3.3 million bring the TIAA-CREF-owned property to 60%.

The new tenants, on five-year leases, are American Express Financial Services, 13,000 sf; Koleos, Rosenberg & Metzger law firm, 5,000 sf; Estee Lauder, 3,000 sf; US Filter, a division of Vivendi International, 4,000 sf; and NCS Pearson, 1,500 sf.

Cushman & Wakefield of Florida Inc. brokers Greg Martin and Jacqueline Blake handled the leases. In previous transactions, Sun International Resorts Inc. took 65,000 sf and Universal Insurance Services leased 3,000 sf.

The value of the individual leases and the quoted average asking rents weren’t disclosed in a prepared statement from Cushman & Wakefield. But brokers familiar with the Plantation office submarket tell GlobeSt.com on condition of anonymity the asking rent is in the $23-per-sf to $25-per-sf range.

US Filter plans to relocate its Latin American headquarters from Miami to the 18-acre Royal Palm at Southpointe site at the northeast corner of South Pine Island Road, north of Interstate 595.

Teachers Insurance and Annuity Association-Commercial Real Estate Fund of New York owns the property. Tampa, FL-based Hogan Group developed the office building and four-story parking garage for TIAA-CREF.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.