Software firm Chetu buys Sunrise office property for $25M

Buyer will be anchor tenant, moving in this year

1500 Concord Terrace and Atal Bansal, founder and CEO of Chetu (Photos courtesy of Chetu)
1500 Concord Terrace and Atal Bansal, founder and CEO of Chetu (Photos courtesy of Chetu)

Software provider Chetu paid $25 million for its new headquarters in Sunrise in Broward County.

Chetu, now based in Plantation, bought the office property at 1500 Concord Terrace at the Sawgrass International Corporate Park, according to a news release. Chetu will move its headquarters there in the fall.

The seller, 1500 Concord Terrace LLC, is affiliated with national medical group Mednax, records show. It bought the property, built in 1995, for $18.5 million in 2011.

The five-story, 178,060 square-foot property is on a 22-acre campus that will include a basketball and volleyball court, walking path, fitness facilities and high-tech communications and security infrastructure, according to the release.

Chetu, which will be the anchor tenant, will lease the remainder of the suites to other tenants.

Sign Up for the undefined Newsletter

Jay Adams of Newmark advised Chetu on the deal and will exclusively lease the property.

Chetu, led by founder and CEO Atal Bansal, is moving to a bigger space to accommodate company growth, according to the release.

Chetu developed its current, 63,600 square-foot headquarters in 2019 at 1248 North University Drive in Plantation. The group, through its sister company, has rented the entire three-story building to the IRS for its Broward County office under a 15-year lease.

This office deal is one of a slew in recent months in more suburban Broward County markets outside of Fort Lauderdale.

Brookfield Property Group bought last week an office property in Miramar at 15800 Southwest 25th Street that is fully leased to Comcast for $29 million. In May, Midtown Capital Partners scooped up a newly built, fully leased office building at 1700 North University Drive in Plantation for $78 million.

And on Palm Beach Gardens, ABS National Business Parks bought the Gardens Plaza pair of office buildings and adjacent developable parcel for $30.55 million.