While overall office market remains muted, Banyan Street continues to show leasing success in one of Ft. Lauderdale’s highest quality offerings
Banyan Street Capital and its joint venture partner, funds managed by Oaktree Capital Management, L.P., today shared recent leasing deals amounting to 35,000 square feet (equating to roughly 15% of the building) at 200 East Broward, an iconic 21-story office tower in Downtown Fort Lauderdale. The new leases and renewals signal continued strength for the submarket and resilience for the property.
200 East Broward represents just five percent of the Downtown Fort Lauderdale Class-A inventory, yet leasing activity at the property recorded in the first quarter of 2023 represents almost one third of total activity in the submarket. According to Colliers’ Q1 2023 Broward County Office Market report, downtown Fort Lauderdale experienced positive net absorption in the first quarter of 2023. This is the seventh consecutive quarter of positive net absorption as new-to-market tenants sign new leases in downtown Fort Lauderdale amid a flight-to-quality assets trend. Additionally, the submarket’s vacancy rate compressed 80 basis points quarter-over-quarter to 12.8 percent.
National law firm Baker Donelson will occupy 11,754 square feet on the building’s 20th floor. Other recent signings include Cohen Seglias, a construction and corporate law firm; Venable LLP, a national law firm; Ryan, LLC, a global tax services, technology and accounting firm; and new-to-market tenants AvalonBay Communities and OM Diamonds.
“While new office construction on Las Olas sopped up leasing demand in the second half of 2022, 2023 is proving that trophy towers on Broward Boulevard have a very relevant place in the market. The moveouts we sustained at the expense of Las Olas properties are being quickly backfilled, in some cases before the prior tenants have moved out,” said Zac Gruber, president of the office division at Banyan. “While Ft. Lauderdale leasing velocity had been muted relative to Miami and West Palm, Downtown is catching up quickly with the rest of the region and tenants continue to choose 200 East Broward.”
Located on the corner of Broward Boulevard and Southeast Third Avenue, 200 East Broward is a 227,158-square-foot Class-A office tower that has defined the Fort Lauderdale skyline since it opened in 1992. Tenants at the office tower benefit from an 8-story covered parking garage attached to the building, 24/7 concierge services, onsite management, and a cafe, as well as a private shuttle to the courthouse, airport, and Brightline Station.
Colliers’ Jarred Goodstein and Jonathan Kingsley lead office leasing at the building on behalf of Banyan and Oaktree.
Kingsley said, “We are excited to have Baker Donelson join other top firms and companies at 200 East Broward. The firm’s long-term lease at 200 East Broward is recognition of the value opportunity to have trophy quality office space and amenities with easy access to Brightline and the growing FAT Village submarket area.”
About Banyan Street Capital:
Founded in 2012, Banyan Street Capital is a minority-owned, vertically integrated real estate investment firm that executes creative, value-add strategies and delivers high risk-adjusted returns to investors. With its headquarters in Miami, Florida, and regional offices in New York City, Atlanta, and Jacksonville, Florida, the firm owns, develops and operates a diversified portfolio of office, multifamily and mixed-use properties spanning 10.5 million square feet of office space, 6,500 apartment units and nearly 40,000 parking spaces across the Eastern United States. For more information, visit banyanstreet.com.
About Oaktree:
Oaktree is a leader among global investment managers specializing in alternative investments, with $172 billion in assets under management as of March 31, 2023. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in credit, private equity, real assets and listed equities. The firm has over 1,100 employees and offices in 20 cities worldwide. For additional information, please visit Oaktree’s website at www.oaktreecapital.com.
About Colliers:
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 66 countries, our 18,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. For more than 28 years, our experienced leadership with significant inside ownership has delivered compound annual investment returns of approximately 20% for shareholders. With annual revenues of $4.5 billion and $98 billion of assets under management, Colliers maximizes the potential of property and real assets to accelerate the success of our clients, our investors and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.
