The largest office building in Northwest Broward County has a new owner.
EH University Place LLC, an entity controlled by Essig Holdings, has completed its purchase of University Place at 3111 N University Drive in Coral Springs. They are acquiring the building from a partnership led by Bristol Group, a leading real estate investment and development group based in San Francisco.
CBRE represented Bristol and its partner, Butters Construction & Development, in the sale for $3o million.
At 10 stories, the landmark 263,000-square-foot, Class A building visually dominates the city’s central commercial district, which spans along University Drive just south of Sample Road in close proximity to City Hall, Northwest Regional Library, Coral Springs Charter School, and the Broward Health Coral Springs hospital campus.
The Colliers South Florida office leasing team of Darcie Lunsford and Caroline Fleischer has been chosen to handle leasing and marketing of the asset.
The purchase will usher in a new wave of luxury office space and leasing opportunities for the suburban, residentially-dense communities of Northwest Broward.
“University Place is already the highest-quality and best-amenitized office building in the market,“ said Lunsford, who has been involved with the leasing of the building for a decade. “This new ownership will make it even better by reinvesting to deliver a level of well-appointed office interiors, typically reserved for uber-pricey downtown trophy towers.”
Plans are already underway to build out ready-to-go, high-end office suites, aimed at serving businesses seeking the latest, most forward-thinking design elements to enhance the work experience.
“Bristol Group did a beautiful job in renovating the building. We look forward to enhancing it further in this thriving Coral Springs community,” said Dan Essig, President of Essig Holdings.
The Essig family has a long-standing real estate presence across the country in single/multi-family residential, industrial warehousing, self-storage, and other commercial properties, but is best known locally for founding Essig Pools and Artistic Paver Manufacturing. Essig Holdings is a father-son team with a focus on acquiring and improving commercial real estate assets across South Florida.
“We love Coral Springs,” Sam Essig, Vice President of Essig Holdings said, “We believe our plans will elevate University Place to the next level, setting a new standard for office space in the market.”
University Place is home to many of the region’s leading companies, including Cruise Planners, the nation’s lagest homebase travel agent franchise network, and popular restaurants, such as Tap 42 Craft Kitchen & Bar, Playa Bowls, and Embarcadero 41.
