The Real Deal Miami

Renovated Plantation office park gets 55,400 sf in new leases

Offices get makeover and new AIG tenant

May 06, 2015 01:30PM

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The Royal Palm Office Park in Plantation

The Royal Palm Office Park in Plantation

Six months after bringing on a new leasing brokerage, the Royal Palm Office Park in Plantation has signed 55,400 square feet of leases.

The newest tenant, insurance provider AIG, inked a deal for 10,400 square feet of space in the Broward office park. Renewals for five current tenants make up the bulk of the remaining square footage.

In addition to the leases, the office park’s lobbies are getting a makeover, as well as several of its bathrooms and corridors. A new conference room and lounge is being built to complement the existing conference center, plus the offices are getting a brand new fitness facility.

The Lincoln Property Co., a Dallas, Texas-based real estate investment firm, bought the park from Duke Realty for a whopping $128 million in August of 2014.

The company brought on brokerage Blanca Commercial Real Estate shortly after to handle leasing for the park exclusively.

Located at 850-1000 South Pine Island Road, the complex is made up of two buildings totaling 465,000 square feet. The first building opened its doors in 2000, while the second was finished in 2008.

“We’re seeing a surge of demand for Class A space in Broward County, and properties like Royal Palm are benefitting,” said Blanca’s Vice Chairman Danet Linares in a statement. “Tenants see value in being located between Miami and Palm Beach, minutes from Fort Lauderdale International Airport.”

Here’s a breakdown of the leases:

AIG, a multinational insurance provider — Signed 10,400 square feet

Thales USA, an aerospace equipment data protection company — Renewed 27,000 square feet

Setnor Byer Bogdanoff, an insurance firm — Renewed 7,500 square feet

El Ad National Properties, a real estate company — Renewed 4,900 square feet

Financial advisory firm Tobias Financial Advisors — Renewed 2,900 square feet

NCS Pearson, an educational assessment firm — Renewed 1,600

— Sean Stewart-Muniz