Cushman & Wakefield Helps Stonegate Mortgage Expand Pinellas County Presence with New Office Lease at Cardinal Point at Bayside Building

Ownership teams with commercial real estate firm to provide unique solution to help publicly traded mortgage company expand operations in Pinellas County.

Clearwater, FL, March 12, 2014 --( Cushman & Wakefield Senior Director Paula Buffa and Senior Director James Moler represented Cardinal Point Management LLC, in the leasing of 32,533 square feet of office space at 14255 49th Street N., Clearwater, Fla.

Stonegate Mortgage Corporation, a leading publicly traded mortgage company focused on originating, financing and servicing U.S. residential mortgage loans, was represented by Cheri O’Neil with Studley. The company has announced plans to expand operations in Pinellas County and to hire an additional 139 employees by the end of 2016.

Upon purchase of the property, Cardinal Point developed a plan to demolish one of the two vacant 32,000 square foot buildings in order to improve the project from four parking spaces per 1000 square feet to 7.5 spaces per thousand to accommodate tenants’ needs.

“Within a year of completing the redevelopment, we were able to secure leases with three new tenants, including Stonegate Mortgage, raising the occupancy from 43% to 85%,” said Moler. “Companies want to maximize their office space without affecting productivity. Cardinal Point at Bayside was able to provide the right office space for Stonegate to accomplish this goal.”

In a release from Pinellas County Economic Development, Jim Cutillo, Founder and CEO of Stonegate Mortgage said, “We believe Pinellas County offers us access to a workforce that will allow us to grow our culture and the ideal business climate to grow our operations."

Cushman & Wakefield is the world’s largest privately‐held commercial real estate services firm. The company advises and represents clients on all aspects of property occupancy and investment, and has established a preeminent position in the world’s major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales and management assignments. Founded in 1917, it has 253 offices in 59 countries, employing more than 15,000 professionals. It offers a complete range of services for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, corporate services, property management, facilities management, project management, consulting and appraisal. The firm has more than $3.7 billion in assets under management globally. A recognized leader in local and global real estate research, the firm publishes its market information and studies online at
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