FORT LAUDERDALE-In one of the largest leasing deals here this year, CompHealth Inc. has inked an eight-year lease with an estimated value of more than $10 million for 51,499 sf of office space in the city’s AtlanTech Tower. Specific terms of the lease were undisclosed, but the price tag is estimated at $10.82 million, based on $26.26 per sf, the average quoted full-service rental rate for class A space in the Cypress Creek submarket, according to Cushman & Wakefield’s third-quarter office report.
CompHealth, based in Salt Lake City, plans to consolidate and expand its local operations from three sites in the Commercial Boulevard area, where it occupies 30,000 sf. Chris Constant, an associate director in C&W’s Fort Lauderdale office, and Jim Cahlin, also of C&W, represented CompHealth in this transaction. Stuart Downey of Crimson Corporate Services represented the property owner, a public pension fund advised by Legg Mason Real Estate Services Inc.
The 412,296-sf, 12-story AtlanTech Tower, located at 6451 N. Federal Highway, is 70% occupied. CompHealth will take up the building’s entire seventh floor and half of the eighth floor. The company plans to start moving in this April.
The extra space will enable CompHealth to expand from about 200 to 350 employees in the Fort Lauderdale area by 2004, Constant said.
“This lease is good news for the Cypress Creek submarket, which typically attracts small users seeking to occupy 3,000 sf to 5,000 sf,” says Constant. “This past year, there has been virtually no tenant activity among large users in the Cypress Creek area, which has one of the highest vacancy rates in Broward County.
CompHealth is a large, privately held national health care recruiting and staffing services provider. AtlanTech Tower was built in 1973 and renovated last year. The building’s major tenant is BellSouth.