The Real Deal Miami

NAI announces 128,000 square feet in SF leases

By Alexander Britell | October 20, 2010 05:30PM

2101 Centrepark Boulevard

NAI Merin Hunter Codman announced a series of leases totaling 128,723 square feet across office space in Broward and Palm Beach counties, the firm announced today.

The 83,200-square-foot lease restructuring of Comcast’s space at the South Florida Distribution Center led the group of new leases, which were completed within the last month, according to a spokesperson for NAI Merin Hunter Codman.

The distribution center is located at 2601 SW 145th Avenue in Miramar, and was an extension of an existing lease.

Bob Schneiderman, a principal at NAI, represented Comcast in the deal.

The signing is another very strong indication of the rapidly improving Broward County office market, which boasts the lowest vacancy rate in the tri-county area, according to third-quarter data from Cushman & Wakefield. Broward’s office market vacancy rate is around 17.7 percent.

The firm’s second-largest deal in the same period was for the South Florida Water Management District, which signed a renewal for 23,629 square feet of office space at Centrepark Office Park West, located at 2101-2301 Centrepark Boulevard in West Palm Beach.

The Palm Beach leases provide a boost to that county’s still-struggling office market, which, while seeing slight improvements, still lags behind Miami-Dade and Broward counties with a 24.9 percent vacancy rate in the third quarter, according to The Real Deal’s latest commercial market report.

That rate did come in below the 25.3 percent rate in the same period of 2009.
Office rents in the county were down to an overall rate of $27.29 per square foot, down from $27.76 in the second quarter.

NAI Merin Hunter Codman’s third largest lease in the same period was for 6,229 square feet of office space at 951 Yamato Road to Noble International Investments, a financial firm.

The firm had completed a series of leases at the end of August, with the highest being the 6,678-square-foot renewal by G4S Secure Solutions at 6499 Powerline Road in Fort Lauderdale.