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The ultimate deal? Harbor Group buys Ultimate Software’s future office in Sunrise

Ultimate Software recently signed a 10-year lease at the building
By Keith Larsen | July 26, 2019 11:32AM

Jordan E. Slone, Harbor Group CEO, and 1340 Concord Terrace

Jordan E. Slone, Harbor Group CEO, and 1340 Concord Terrace

Harbor Group International bought a Sunrise office building that will soon house Ultimate Software for $32.5 million.

The New York City-based real estate firm paid about $322 per square foot for the 100,700-square-foot, three-story Class A office building at 1340 Concord Terrace in Sunrise, records show. Conception LLC, which is tied to German real estate agency Contesta Immobilien, sold the property.

CBRE’s Christian Lee, José Lobón and Marcos Minaya represented the seller, according to a press release.

Weston-based Ultimate Software, a cloud-based software company recently signed a long-term lease to occupy the entire office for more than 10 years. The property will be renovated prior to Ultimate Software’s move in date.

The building is part of the Sawgrass International Corporate Park next to Sawgrass Expressway, I-75 and I-595. It last sold for $26 million in 2008.

The building was built in 1997 and the office park is home to the regional headquarters of several other companies including Ford, Fidelity Information Systems, AT&T, American Express, Harris Corporation, Xerox and Ticketmaster.

Harbor Group International is a real estate investment and management company with $9.1 billion in real estate investment properties.

In September, Starwood sold Sawgrass Pointe II at Sawgrass Corporate Parkway for $27.25 million to a joint venture between Barron Collier Cos. and Vanderbilt Office Properties, property records show.

Early last year, Starwood, Trinity Capital Advisors and Vanderbilt Office Properties, sold another Sawgrass Corporate Parkway building for $51.1 million.