The Office Leasing Team of Donna Korn and Jennifer Gemma Will Market the Asset for IP Capital Partners, LLC
Cushman & Wakefield announced today that it has been named exclusive leasing agent and property manager for 110 Tower, a 394,830-square-foot trophy office tower in the Fort Lauderdale CBD.
The office leasing team of Managing Director Donna Korn and Director Jennifer Gemma was selected to lease the building by Boca Raton-basedIP Capital Partners, LLC, which recently acquired the asset.
110 Tower is a 30-story, Class A office tower built in 1988. As the tallest and most recognizable building in the CBD, 110 Tower features 22 stories of office space, five stories of structured parking, two stories of mechanical space and ground-floor retail and parking. On-site amenities include restaurants, a health club, a full-service bank, as well as conference and entertainment facilities.
In 2011, 110 Tower completed a comprehensive $15 million renovation program that included upgrades to the ground floor lobby, a new 6th Street look, upgraded upper-floor common areas and other interior spaces, replacement and improvement of all building primary mechanical systems and a unique exterior lighting system. New and existing amenities include 110 Fitness, Subway, That’s A Wrap, Dunkin’ Donuts, Sabadell Bank, car wash, a wrap-around outdoor terrace, ballroom and multiple conference centers.
110 Tower has received numerous accolades, including USGBC of South Florida’s Gala Verde Award asFlorida’s Best in LEED for Existing Buildings, BOMA Fort Lauderdale/Palm Beach’s TOBY Award forRenovated Building of the Year, BOMA’s Southern Regional TOBY Award forRenovated Building of the Yearand the PRISM Award forRenovated Building.
Notable tenants include Tripp Scott, PA, State of Florida Attorney General, Broward County and McCalla Raymer. Current availabilities include a highly desirable penthouse floor.
The property’s location at110 SE 6th Streetsits directly across from the new Broward County Courthouse, making 110 Tower the location of choice for the legal industry. 110 Tower’s unobstructed water views and proximity to restaurants, parks and executive housing within walking distance is highly attractive to a variety of image-oriented corporate tenants. Further, Fort Lauderdale’s commitment to municipal improvements in immediate proximity to 110 Tower, including the completion of theWaveelectric streetcar with a stop directly in front of the asset, will greatly enhance the desirability of 110 Tower.
“110 Tower is a premier asset offering its tenants the finest experience in downtown Fort Lauderdale,” said Korn. “The building’s market-leading amenity package and exceptional location continue to drive significant interest from prospective tenants.”
Cushman & Wakefield’s broad platform of industry-leading services has played a prominent role at 110 Tower. In addition to securing the leasing and management assignments, the Capital Markets brokerage team of Executive DirectorMike Davis, Senior DirectorRick Brugge, Senior DirectorMichael Lerner, Executive DirectorScott O’Donnelland Senior DirectorDominic Montazeminegotiated the sale of the asset on behalf of former owner Genesis Capital Partners XI Ltd., aGenCap Partners, Inc. investment fund.
Cushman & Wakefield Managing Principal and Florida Market LeaderLarry Richey believes the firm’s success at 110 Tower is a product of its efforts to recruit the top professionals in the industry across all service lines.
“This was a true team effort and a significant win for Cushman & Wakefield,” said Richey. “110 Tower is an iconic building in South Florida’s skyline, and we are thrilled to have the opportunity to help our client bring the asset to its full potential.”
“We’ve made a concerted effort to recruit the best and brightest in our industry to better serve our clients and grow our platform in the region,” added Richey. “Those efforts are now bearing fruit across all service lines, and we think the best is yet to come.”
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors and occupiers optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visitwww.cushmanwakefield.com
About IP Capital Partners, LLC
IP Capital Partners, LLC (“IP Capital”) is a private real estate investment and asset management firm headquartered in Boca Raton, Florida. IP Capital was formed to focus exclusively on co-investing with various institutional and high net worth joint venture partners in office, retail and industrial real estate in the major growth areas of Florida. IP Capital’s dedication and commitment to Florida, its in-depth knowledge of the state’s real estate market, its relationships and reputation among the Florida real estate brokerage, ownership and lending communities, give it a highly competitive advantage in identifying and acquiring properties.
