A Colliers International South Florida team came up with the idea of creating one big open space inside a Plantation office building by demolishing the existing walls and offices.
“Basically you can see from one side of the floor” to the other, said Alfie Hamilton, executive vice president for Colliers International South Florida. “It’s an open expanse rather than offices and corridors.”
That netted a lease with health care company Envision Physician Services LLC covering 89,143 square feet, or about 90 percent of the building, at 1801 NW 66th Ave.
The lease at the the 1801 Building is for 11 years and worth more than $20 million, although Hamilton declined to disclose the exact amount.
The Colliers team of Hamilton, leasing associate Caitlin Inklebarger and senior vice president Jarred Goodstein, all based in Fort Lauderdale, represented owner TA Realty LLC on the lease that closed Oct. 13.
Several tenants left the building in mid-2014 when Colliers started looking for a new occupant. But no one signed.
“We marketed the building for a period of time in its existing condition and were not getting much traction. … There were a lot of existing conditions with the prior tenants’ build-outs that kind of restricted … the space,” Hamilton said. “We recommended to the ownership, ‘Perhaps, you’d consider to do some thoughtful demolition to open up the … building so people can truly get a feel for the size of the floor plate, see the window lines from all areas on the floor, rather than having to walk down the corridor to see a window.”
TA Realty put in more than $1.5 million on interior work and the renovation of common areas and additional parking, according to Hamilton. The work to add more parking is ongoing and will be done before Envision Physician Services moves in.
The other tenant, who occupies about 10 percent of the building, is a mail sorting and distribution facility for American Express, according to Hamilton.
The Envision lease not only upped the building’s occupancy rate to 100 percent, it decreased the overall vacancy rate in the Plantation office market, according to Hamilton.
The rate now is about 6.75 percent, down from 11.4 percent for about 2 million square feet of Class A and B office space in Plantation that Colliers tracks, Hamilton said.