Cloud computing and software company Citrix sold its headquarters in Fort Lauderdale for $37 million, leasing back its office space.
Citrix sold the nine-story building at 899 West Cypress Creek Road, six-story building at 851 West Cypress Creek Road and adjacent garage, according to records and real estate database Vizzda. The buyer is an entity tied to Maksim Slyusarchuk, founder and CEO of mortgage lender A&D Mortgage and mortgage investment fund Imperial Fund. Both A&D and Imperial are based in Hollywood.
The buyer took out a $29.6 million loan for the purchase from First Horizon Bank.
The building at 899 West Cypress Creek was completed in 1987, and the one at 851 West Cypress Creek was completed in 2001, according to records. The complex has 276,00 square feet of office space, Vizzda records show.
The recent sale marks a 37 percent discount from the property’s last known sale price in 2002, when Selco Service Corporation paid $58.8 million. The complex also traded again in 2008, though the sale price is unknown. A deed shows it as $0.
After the recent deal, Citrix’s parent company, Cloud Software Group, leased back some of the office space for a 12-year term with two five-year extension options, Vizzda records show.
South Florida’s office market has experienced a slowdown in investment sales due to elevated interest rates, rising property operating expenses and skyrocketing insurance. In some of the recent deals, Panattoni Development picked up the former headquarters of the Miami Herald and El Nuevo Herald in Doral for $30 million from Miami-based Parmenter Realty Partners. The two-story building is at 3511 Northwest 91st Avenue.
Also, YMP Real Estate, led by Moshe and Yaffa Popack, bought the Commercial Place I and II buildings at 3230 and 3250 West Commercial Boulevard in Oakland Park for $26 million this month.