X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

FORT LAUDERDALE, FL-Locally based BankAtlantic FSB has inked a lease for 51,000 sf, the top two floors of 1901 W Cypress St., which is located across from its headquarters. In addition, an affiliate of the bank, Levitt Homes, has leased 9,000 sf on the building’s ground floor.

Ken Morris, president of locally based Morris Southeast Group/Corfac International, represented BankAtlantic in the negotiations. Alice Lucia, SVP in the Boca Raton office of Miami-based Americas Capital Partners, was the owner’s in-house representative. The six-story building, which Morris describes as “a strong B+,” was completed in 1987, he says.

These leases takes occupancy in the 138,847-sf office building to 86%, Lucia tells GlobeSt.com. Neither she nor Morris disclosed the aggregate value of the BankAtlantic lease, but both confirm that the average asking rental rate for comparable properties in this market is $14 per sf, triple-net. BankAtlantic operates 78 branches and more than 200 ATMs in Florida. It has assets of $6 billion.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

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 © 2020 ALM Media Properties, LLC. All Rights Reserved.