PRESS RELEASE: 1 E Broward’s Newest Tenants: Tech, Law, Construct & Cruise

West Palm Beach, Fla. – NAI/Merin Hunter Codman, one of South Florida’s leading commercial real estate firms, has completed nearly 33,000-square-feet of lease transactions at 1EBroward on behalf of 1 E Broward Owner, LLC, who purchased the property in the fourth quarter of 2018. The property is a Class-A, 19-story, 351,705 square foot downtown Fort Lauderdale professional office building.

1 E Broward delivers Class-A Office Space in Downtown Fort Lauderdale

NAI/Merin Hunter Codman Chairman, Neil E. Merin, SIOR, CCIM who leases the property with Associate, Maxwell Pawk stated, “It is no secret the downtown Broward office market is exploding. 1 E Broward is located on the hard corner of Andrews Avenue and Broward Boulevard, a short walk, Uber or scooter ride from the Brightline station. Its location is what drives interest in the property. It is the first-class amenities, like the property’s shuttle service, concierge and state-of-the-art fitness center that allow the property to edge above its competition.” 

Recent lease transactions include:

  • 17,000 SF lease renewal to national law firm, Hinshaw Culbertson
  • 7,000 SF lease to Mystic Cruise Lines, the Portuguese cruise expedition company’s US headquarter location
  • 5,200 SF lease to information and technology company, Beesion Technologies
  • 2,200 SF lease to national general contractor, Falcon Construction
  • 1,400 SF lease to law firm Slatkin & Reynolds

View the Full Press Release | 1 E Broward Website

Press Releases Property Management Transactions

Commerce Pointe Gold Sells for $8.5 Million

Hats off to Neil E. Merin, SIOR, CCIM and Jason L. Sundook, SIOR who represented the buyer in the $8.5 million sale of Commerce Pointe Gold, a 99% occupied, 43,433 SF office building at 1800 S Australian Avenue in West Palm Beach. The property previously sold for $4.3 million in 2011.

Commerce Pointe Gold is adjacent to I-95 and minutes from everything that downtown West Palm Beach has to offer including Brightline, Rosemary Square and the Flagler Financial District, offering an ideal location for Palm Beach County professionals.

More details, courtesy of Commercial Property Executive: View Link | View PDF

Transactions
Mystic Cruises Fleet

Portuguese Cruise Line Chooses 1 E Broward for American HQ

Mystic Cruises, a recently acquired brand of Portuguese travel and tourism company Mystic Invest, has chosen 1 E Broward for their American headquarters. The new cruise line focuses on offering Polar expeditions with destinations including Iceland, Greenland, Antarctica, and Europe.

Mystic Cruises inaugurated their first ship in April 2019, the newly built World Explorer, and have two more ice-class ships in the works: World Voyager and World Navigator.

Maxwell Pawk, Commercial Associate for NAI/Merin Hunter Codman, arranged the 7,000 SF lease at 1 E Broward in downtown Fort Lauderdale along with Chairman, Neil E. Merin, SIOR, CCIM. South Florida was an ideal location for the company’s headquarters and the building offers unbeatable amenities for work-life balance including an on-site fitness center, restaurants, shuttle service and more. 1 E Broward’s premier location in Fort Lauderdale’s Central Business District is close to everything the area has to offer.

We’re happy to welcome Mystic Cruises to the 1 E Broward roster and look forward to seeing their continued expansion!

Are you in need of office space? NAI/Merin Hunter Codman is one of South Florida’s leading commercial real estate firms and the largest in Palm Beach County. We have over three decades of experience advising clients on strategic acquisitions and dispositions and providing landlord representation, tenant representation, property management, and construction management services. The firm has expertise in all commercial property sectors including office, retail, industrial, multifamily, hotels, and land. To learn more about our services click here.

Transactions

PRESS RELEASE: Industry Leaders Recognizing Industry Leaders

NAI/Merin Hunter Codman receives top CoStar, South Florida Business Journal, SIOR, CCIM and NAIOP commercial real estate awards and recognition.

West Palm Beach, Fla. – NAI/Merin Hunter Codman, Palm Beach County’s leading commercial real estate firm, has been recognized by top commercial real estate organizations: CoStar Group, Inc., Society of Industrial and Office Realtors (SIOR), Certified Commercial Investment Member (CCIM), National Association of Industrial and Office Parks South Florida Chapter (NAIOP), and the South Florida Business Journal, for 2018 commercial real estate transactions and property management.

CoStar Group, Inc., the commercial real estate analytic leader, recognizes professionals and firms who closed the highest transaction volume in their respective markets by awarding CoStar’s prestigious Power Broker Awards. NAI/Merin Hunter Codman has been a CoStar Power Broker Award recipient for 16 consecutive years. 2018 Power Broker awards include:

  • Top Sales Firm
  • Top Leasing Firm
  • Top Retail Leasing Broker, Bruce Corn

NAI/Merin Hunter Codman was also again recognized by the South Florida Business Journal in the 2019 Book of Lists as the #1 Property Management firm in Palm Beach County and #16 in South Florida. Rankings are a based on rentable square feet managed as of July 2018.

NAI/Merin Hunter Codman Chairman, Neil E. Merin, SIOR, CCIM was recognized by both SIOR and CCIM for 2018 transactions. Mr. Merin was listed in SIOR’s Top Transaction Award Winner and CCIM’s Biggest Deal of 2018 announcements. The firm was also a finalist for NAIOP South Florida Chapter’s 2018 Office Sale of the Year: Over $50 Million for their participation in the purchase of 1 East Broward, in Ft. Lauderdale, FL.  Jordan Paul, CEO of NAI/Merin Hunter Codman stated, “The market expertise provided by our team of professionals sets NAI/Merin Hunter Codman ahead of the pack. It is a true honor to be recognized as an industry leader.”

CLICK HERE to view the full press release.

Press Releases Transactions

1 E Broward Nominated for NAIOP Award of Excellence

We’re thrilled that 1 E Broward was nominated for the NAIOP Award of Excellence for “Office Sale of the Year Over $50 Million”. 1 E Broward is a 351,705 SF Class-A office tower in downtown Fort Lauderdale. The $100 million-plus acquisition required extensive teamwork between the Seller, a local operating partner, and an institutional owner.

NAI/Merin Hunter Codman, Inc. would like to recognize CBRE, PCCP, SunTrust Bank, Shutts & Bowen and Kapp Morrison LLP for their parts in this complex transaction.

The Awards of Excellence are held annually and recognize various achievements in the South Florida commercial real estate market.

In addition to awards for the biggest and best of 2018, the evening also celebrated CBRE Senior Vice President Harry Tangalakis, who received the Lifetime Achievement Award.

Congrats to all nominees and winners!

The NAI/Merin Hunter Codman, Inc. team and guests enjoyed the Awards on 3/14/19 at the Fort Lauderdale Marriott Harbor Beach Resort & Spa.

Events Transactions

Neil Merin Recognized as 2018 SIOR Top Transaction Award Winner

Please find an excerpt of SIOR’s Press Release below.

“SIORs are known around the world as the elite commercial real estate professionals in their respective market and specialty,” said Robert G. Thornburgh, SIOR’s Global President. “The Top Transaction Award Winners have truly distinguished themselves as the best of the best in the industry. We would like to congratulate all the recipients of this tremendous honor and for continuously delivering extraordinary results to their clients throughout the year.”

The top five transactions of the year are:

  1. David Schmidt, SIOR, and Stephen Gibson, SIOR, both of Colliers International, arranged the $245 million sale of 445,058 square feet of office space in Santa Clara, California;
  2. Damian Rivera, SIOR, of ESRP arranged the $110 million lease of 1,252,908 square feet of office space in Plano, Texas;
  3. Neil Merin, SIOR, CCIM, of NAI Merin Hunter Codman arranged the $108.5 million sale of 351,705 square feet of office space in Fort Lauderdale, Florida;
  4. Mark Detmer, SIOR, CCIM and Bo Mills, SIOR, of JLL arranged the $98 million sale of 1,009,387 square feet of industrial space in Phoenix, Arizona;
  5. Mark Zorn, SIOR, of Colliers International arranged the $94.2 million sale of 702,663 square feet of industrial space in Rialto, California.

SIOR has also recognized the Top 50 Office Deals, Top 50 Industrial Deals, Top 10 Office Sales, Top 10 Office Leases, Top 10 Office Investment and Top 10 Industrial Investment. For a complete list of the 2018 SIOR Top Transaction lists, click here.

News Articles Press Releases Transactions

Trophy Deals Galore: Downtown Office Towers Trade in Slowing Market

Excerpt from the Daily Business Review article by Lidia Dinkova; published 2/25/19.

Trophy office towers have been trading across South Florida in spite of the regional market slowing down after five years of robust growth.

“In South Florida in general, (we are) attracted to the job growth and the population growth,” said Kevin Chin, senior vice president with PCCP LLC, which bought two South Florida office towers last year. “There is substantial development going on in downtown.”

The real estate finance and investment management firm with offices in California and New York bought downtown Miami’s SunTrust International Center for $127 million and as part of a joint venture bought downtown Fort Lauderdale’s 1 E Broward for $108.5 million.

1 E Broward “is a well-leased building. It’s the closest office building to Brightline, so we thought that was attractive as well,” Chin, who is based in New York, said using Virgin Trains’ previous name.

PCCP bought the 19-story Fort Lauderdale building in a joint venture with West Palm Beach-based NAI/Merin Hunter Codman from Ivy Realty.

For NAI/Merin, a commercial real estate services firm that has started buying as well, the purchase was motivated in part by Fort Lauderdale’s growth.

“I can tell you a lot of the young people in my office who formerly would have gravitated to Miami or Delray Beach are now choosing instead to move to Fort Lauderdale,” said Neil Merin, NAI/Merin chairman, and founder.

The purchase also made sense for PCCP because the $127 million price tag is much less than new construction, Chin noted. Both SunTrust and 1 E Broward offer an upside in rental revenue, too.

Ivy Realty, which sold 1 E Broward, invested $5 million in renovations in the 1984 tower and raised the occupancy to 91 percent. Since the sale, the rate is up to 93.5 percent.

At the same time, rents have remained below market, according to Merin.

The average now is $18 per square foot, triple net, compared with the average market rate of $30 to $35 per square foot, he said. Rents won’t be increased to the market rate but may hit $28 a square foot.

Aside from the Fort Lauderdale train station, the tower is just south of FATVillage, a once dilapidated warehouse district that’s experienced a rebirth.

“It looks very much like Wynwood five or maybe six years ago,” Merin said, referring to FATVillage. “Instead of being adjacent to the worst neighborhood in Fort Lauderdale, it (1 E Broward) is adjacent to the most attractive neighborhood in the city.”

Original article: PDF | View Article

News Articles Property Management Transactions

NEWS PICK-UP: Hinshaw & Culbertson Renews Lease in Fort Lauderdale

CoStar shared information about Hinshaw & Culbertson’s 16,696 SF lease renewal at 1 E Broward, facilitated by Max Pawk and Neil Merin, who represented the Landlord. Please find an excerpt below.

Chicago-based law firm Hinshaw & Culbertson has renewed its lease on the 10th floor of the One East Broward office building at 1 E. Broward Blvd. in Fort Lauderdale, Florida.

The tenant will remain in its 16,696-square-foot suite under a new five-year deal.

The U.S. law firm has three locations in Florida, including the downtown Miami and Tampa areas. Attorneys in its Fort Lauderdale office in particular specialize in corporate and business law matters, real estate, financial planning, liability and corporate organization, construction litigation, environmental law and labor/employment law, according to its website.

Built in 1984, the 19-story, 351,705-square-foot, 4-Star office tower sits on 4.6 acres in the Downtown Fort Lauderdale submarket of Broward County. The building underwent a common-area renovation in 1999 and it features reserved parking in a subterranean garage, 24-hour availability, an atrium, on-site banking and convenience store, conferencing facilities, a fitness center, restaurant, cafe and other tenant amenities.

Click here to read the full article.

News Articles Transactions

NEWS PICK-UPS: Toys “R” Us Building Sale in Royal Palm Beach


A few media organizations have picked up our Press Release on the recent sale of the Former Toys “R” Us building at 450 S State Road 7.

The Real Deal: View PDF | View Article

Palm Beach Post: View PDF | View Article

South Florida Business Journal: View PDF | View Article

BDB: View PDF | View Article

CRE Sources: View PDF | View Article

PBC Chamber of Commerce: View PDF | View Article

Boca Chamber: View PDF | View Article

News Articles Press Releases Transactions