A bank, an IT firm, and a company that provides autism therapy services will be moving into a 24-story office tower in downtown Fort Lauderdale in the coming months.
Pebb Capital, Intalex Capital, and CDS International Holdings announced that their 24-story 110 East Broward Boulevard building was 64% leased following a series of office deals in the past 15 months.
Taking up the largest space is ABA Centers of America, a South Florida-based company that was listed among the fastest-growing private companies by Inc. Magazine and the Business Journal.
Originally slated to fill a single-floor, ABA Centers will fill 48,000 square feet of office space on 110 East's top three floors in January once the build out is complete, said Katie Murphy, ABA's director of public relations.
Founded in 2020, ABA Centers provides treatment for autism at its facilities in Florida, New Hampshire, and Massachusetts. The company is slated to open a 13,341-square-foot testing and treatment center near South University's Royal Palm Beach campus.
The sixth-largest bank headquartered in Florida, Seacoast Bank (Nasdaq: SBCF), will open a 7,795-square-foot retail branch and office on the first floor in May. Based in Stuart, Seacoast Bank paid about $168.3 million for Miami-based Apollo Bank in March 2022. Nearly a year later, Seacoast paid about $489 million for Coral Gables-based Professional Bank.
And expected to move into a 3,221-square-foot office on the 20th floor is Chelsea Technologies, a New York-based company that provides information technology services for hedge funds, banks, and private equity firms. Chelsea is slated to move out of its Fort Lauderdale office at 101 N.E. 3rd Ave and into 110 East in June, a spokesman for Pebb Capital stated.
Travis Herring and Katherine Ridgway of Cushman & Wakefield represented the building's landlords in the lease negotiations.
South Florida-based real estate firms Pebb, Intalex, and CDS paid $43 million for 110 East Broward Boulevard in May 2023. At the time of its purchase, the circa 1982 office building was about 28% leased, a release from the landowners stated.
Among the tenants that recently moved into 110 East was Whiting Turner, a national construction management firm that opened a 5,617-square-foot office on the 20th floor in January.
"Fort Lauderdale remains an attractive investment market with strong economic grwoth and increasing demand driven by migration fundamentals," Pebb Capital founder and managing principal Todd Rosenberg stated.
South Florida's office market generally prospered as high-income households, including business executives, relocated to the region to avoid state income taxes and enjoy good weather. However, Fort Lauderdale and the surrounding Broward County did not fare as well as most new-to-market companies opted to move to Miami-Dade and Palm Beach counties. Yet, with a bustling downtown, newer office product coming on line, and more affordable rents, Fort Lauderdale is in a position to play catchup, experts have told the Business Journal.