Since the first case of COVID-19 struck Florida on March 1, the Butters Realty & Management office brokerage team of Darcie Lunsford, Caroline Fleischer, Molly McDonough and Sky Butters have executed more than 170,000 square feet of office transactions. In all, the Butters team generated $32.4 million in aggregate transaction value for internal and third-party assets and clients since the pandemic’s onset.
The transactions span nearly two dozen leases to representation of medical financier Bankers Healthcare Group in its acquisition of a 130,000-square-foot corporate headquarters at 3700 Lakeside Drive in Miramar in an off-market deal.
“As soon as the shelter-in-place order was lifted, our team was back in the office that day,” said Lunsford, director of office leasing at Butters. “We saw a wave of up pent-up demand coming out of the shutdown as leases expired and smaller entrepreneurial companies emerged looking to seize potential deals in the market.”
While many large corporate occupiers have remained reticent to make real estate decisions, firms of less than 5,000 square feet have still been active, Lunsford noted.
“Generally, we are seeing companies with counter-cyclical models, insurance, law, technology or financial service providers and other essential administrative hubs that have not been as drastically impacted by the pandemic-induced recession,” Lunsford said.
“In a tough economic situation like this, you can’t wait for the market to come to you, you have to go to the market,” said Fleischer, director of occupier services for Butters. “There are tenants out there that have a need and a want, but you have to be dogged.”
During the pandemic, Butters also increased occupancy several percentage points to 97 percent within its own four-building Boca Raton office portfolio.
“I think the key factor to our effectiveness in closing a high volume of transactions in the face of this unprecedented crisis is that we are highly focused,” said Malcolm Butters, president of Butters. “We have very strong local relationships and we are able to execute.”
Among the more notable office lease transactions:
• Bohler Engineering leased 4,910 square feet at 1900 NW Corporate Boulevard in Boca Raton
• Medigap Life leased 3,577 square feet at 1900 NW Corporate Boulevard in Boca Raton
• Trust Hills Co. leases 3,680 square feet at 851 Broken Sound Parkway in Boca Raton
