Miami, FL, April 23, 2014 --(PR.com
)-- With the alternative workspace industry gaining momentum in South Florida and beyond, Cresa is helping forward the movement through its tenant-only advisory services in Downtown Fort Lauderdale. Empire Executive Offices has signed a 15,298-square-foot lease at the class A 110 Tower.
Zach Wendelin, a senior advisor at Cresa, represented Empire Executive Offices in the 11-year lease that spans the entire 17th floor of the building. Empire Executive Offices will open the doors to its alternative workspace concept in August 2014. Laurel Oswald of Cushman & Wakefield represented the landlord, Genesis Capital Partners XI.
“The office industry has evolved and executive office suites are among the alternative workspace strategies that entrepreneurs and Fortune 500 companies alike are adopting all over the world,” says Wendelin. “Empire Executive Offices wanted to set itself apart in the local industry with class A office space strategically located across from the new Broward County Courthouse currently under construction. After navigating several near deal-breaking challenges, we negotiated a lease that will bring high-quality executive office suites to Fort Lauderdale’s urban core.”
The executive office suites sector is a $3 billion-plus industry, according to Office Suites Strategies. There is more than 90 million square feet of executive office suites space in the United States, with 5 percent to 7 percent growth expected over the next five years. Altogether, there are 4,000 executive office suites in the United States. But Fort Lauderdale has a dearth of options, especially in the urban core.
“I own a court reporting business so I’ve had my eye on the options for executive office suites in Downtown Fort Lauderdale—and there’s not much competition in the area,” says Thomas J. Fallarino, founder of Empire Executive Offices. “My project aims at attorneys and others who support the legal industry downtown. Litigators can lease full-time office space or rent a day office during trials. Cresa showed me five or six suitable buildings, but 110 Tower was the ideal location.”
Located in the heart of downtown Fort Lauderdale, 110 Tower is the location of choice for the Broward County legal industry and other professional firms who want the most out of their office space. 110 Tower is ENERGY STAR certified, received LEED Gold certification for Existing Buildings by the U.S. Green Building Council and was awarded the prestigious BOMA Renovated Building of the Year.
Situated on SE 6th Street directly across from the Broward County courthouse and offering one of the best on-site amenity packages in the market, 110 Tower provides a combination of class A service, upscale office space, great access, and unbelievable views. 110 Tower has recently undergone a comprehensive $15 million renovation program. New and existing amenities include on-site cafe and additional dining options (coming soon), a health club, bank, and conference center.
As for Empire Executive Offices, the alternative workspace project will feature 50 private offices Fallarino says are larger than what the local competition offers—and every office has city views. Fallarino is investing $65,000 to insulate the walls for a quieter executive office suites experience. The firm also plans to offer virtual office space. Empire Executive Offices is located in temporary space while the build out is completed, and is currently pre-leasing executive office suites.
“Cresa helped make this happen. The deal actually fell through at one point because another center was making a bid on the same space, but they pulled out. Zach put it together again,” says Fallarino. “In fact, the deal almost fell through several times but Zach picked up the pieces over and over and got the deal done.”
Cresa is an international corporate real estate advisory firm that exclusively represents tenants and specializes in the delivery of fully integrated real estate services, including: Transaction Management, Project Management, Corporate Solutions, Portfolio Strategies, Location Planning, Lease Administration, Capital Markets, Mission Critical Solutions, and Facilities Services. With more than 58 offices, Cresa is the largest tenant representation firm in North America. For more information, visit www.cresa.com.