Cushman & Wakefield leasing agents John Criddle and Joseph Freitas have leased more than 83,000 square feet of space at Cypress Executive Center.
Criddle and Freitas represented ICM Realty Group in securing new leases with Delphi Behavioral Health Group, Wells Fargo Bank and Royal Seas Cruise Lines and secured lease renewals with Whiting-Turner Contracting Company and Humana Medical.
Cypress Executive Center is a six-story, 140,635-square-foot, Class A office building located in the heart of Cypress Creek at 1901 West Cypress Road.
ICM purchased Cypress Executive Center in early 2015 and has since successfully repositioned the building into a Class A property via an aggressive building renovation program. Improvements include the complete renovation of the building lobby, common areas, rest rooms and exterior landscaping, plus newly added amenities including a tenant wi-fi lounge, café and conference facility.
“We’re seeing tremendous interest in Cypress Executive Center driven by both ICM’s capital investments and prevailing market trends, which are driving demand in non-CBD markets like Cypress Creek,” said Criddle.
According to Cushman & Wakefield research, a tightening downtown Fort Lauderdale office market has boosted suburban demand. Coupled with significant regional employment gains, the Broward County office market stands to see significant gains in the coming months.
“As the Downtown CBD becomes less of an option due to limited space, many suburban markets that have not peaked will become more attractive to those forced out of downtown due to the high asking rental rates and restricted space availability,” wrote Senior Research Analyst Valerie Tatum in the firm’s 2Q 2016 Broward County Office MarketBeat report. “With limited construction in the pipeline, Cushman & Wakefield anticipates market fundamentals to tighten through the back end of 2016.”
