Improvements at Broward County’s Largest Office Building Include Extensive Exterior, Interior and Systems Upgrades, Including a Cutting Edge Tenant Coworking Space
FORT LAUDERDALE, FL, November 30, 2017— Cushman & Wakefield, as exclusive leasing advisor for BayView Corporate Tower, is pleased to announce owner BRIDGE Commercial Real Estate’s $5 million capital improvement campaign is nearing completion at Broward County’s largest office building.
The extensive exterior and interior improvements include a roof replacement, landscaping, entryway, lobby and HVAC system upgrades as well as common area and restroom renovations on select floors. BRIDGE is currently developing a state-of-the-art, collaborative tenant coworking space featuring a fitness center, tenant lounge, conference center, modern café and game area. This final phase of the renovation project is expected to be completed during the first quarter of 2018. In total, BRIDGE will invest $5 million in an effort to reposition the BayView Corporate Tower, which it acquired in September 2016.
“These improvements at BayView Corporate Tower will greatly enhance the tenant experience. They bring a modern, high-tech atmosphere to the asset, promoting interaction among tenants and enhancing an already impressive amenity package,” said Jeff Shaw, Principal with Bridge Office Fund Manager and CEO of Bridge Commercial Real Estate.
The Cushman & Wakefield office leasing team of Executive Director Deanna Lobinsky and Associate Chase Kulp has held the leasing assignment at BayView Corporate Tower since July 2014, when they were awarded the contract by previous ownership. They have since leased well over 200,000 square feet of space in BayView Corporate Tower.
“BRIDGE is a noted national leader in creating collaborative environments for their tenants, and the state-of-the-art amenities they are introducing at BayView Corporate Tower serve to reinforce their track record and continue to attract tenants to BayView Corporate Tower,” said Lobinsky.
BayView Corporate Tower is currently 80 percent occupied. Notable tenants include CHG Healthcare Services, Whole Foods and EnvisionRX.
BayView Corporate Tower is a 412,520-square-foot, 12-story office building offering panoramic views of the Atlantic Ocean and Intracoastal Waterway, floor plates up to 33,500 square feet, an on-site café, an outdoor picnic area, and ample structured parking as well as on-site security and management.
BayView Corporate Tower’s location at 6451 North Federal Highway sits in the heart of Fort Lauderdale. The building is within walking distance of the myriad of dining and retail amenities along North Federal Highway as well as numerous luxury residential developments. BayView Corporate Tower is accessible to the entire region by way of Interstate 95, Florida’s Turnpike and Interstate 595 and is a short drive from Fort Lauderdale-Hollywood International Airport.
About Bridge Office Fund Manager
Bridge Office Manager’s senior management team averages 25 years of experience in the office sector and has been instrumental in the financing, acquisition, leasing and management of 274 properties in the US, completing ~$3 billion of office transactions in prior ventures. The investment team has substantial access to off-market deal flow and in three predecessor funds acquired assets at a 53% average discount to replacement cost. The majority of these transactions were sourced through Bridge’s longstanding industry relationships with asset owners and the brokerage community.
About Bridge Investment Group
Bridge Investment Group is a privately held real estate investment management firm with $8.85 billion in assets under management. Bridge combines its 1,000-person, nationwide operating platform with specialized teams of investment professionals focused on select US real estate verticals, which Bridge believes offer above-market opportunity: Multifamily, Office, Seniors Housing, Affordable Housing and Debt Strategies.
Bridge principals are owners and operators who are deeply rooted in their assets. In-depth knowledge of local markets, as well as extensive real asset and capital markets expertise, enable Bridge to develop prolific deal flow and to deploy active asset management and monitoring across its business lines.
Bridge’s asset management strategy is specialized and focused in a way that emphasizes current income and capital appreciation while mitigating risk. By making improvements that build lasting communities, increase renter satisfaction, and ultimately bring value to investors, Bridge seeks to create alpha at the asset level.
The principals of Bridge have been investing in and improving communities around the US since 1991 and manage private equity funds, separately managed vehicles, co-investments, and joint ventures. Woven and intertwined with its buildings, people, and communities, Bridge transforms assets in a manner that maximizes their potential across all dimensions.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.