Following $5-million value-add strategy, firm finalizes sale of 413,800-square-foot Class A office tower
Bridge Investment Group LLC’s (Bridge) subsidiary Bridge Office Fund Manager (Bridge Office) announced today it has completed the sale of Bayview Corporate Tower, a 12-story, 413,833-square-foot Class A office building and five-story covered parking garage in Fort Lauderdale, Florida. Located in close proximity to Interstate 95 and Fort Lauderdale-Hollywood International airport, along with an abundance of amenities within walking distance, the tower offers panoramic views of Pompano Beach and the Intracoastal Waterway.
Bridge acquired the asset in September 2016 and has executed more than 265,000 total square feet of leasing agreements since, including approximately 235,000 square feet within the past 18 months.Notable tenants include CHG Healthcare, Whole Foods Market, CentralReach, Envision Pharm Group and Kovack Securities. More than 50% of the building’s executives reside within minutes of the property.
In line with Bridge’s proven strategy for creating next-generation workplaces, the property underwent a $5 million repositioning plan. Recently renovated areas include the lobbies common areas and move-in ready office suites as well as the addition of a new amenity lounge and game room, health club-level fitness center, onsite café and outdoor picnic area.
“The successful disposition of Bayview Corporate Tower reflects Bridge’s keen understanding of the Fort Lauderdale market and next-generation workspaces today’s tenants are looking for, which has taken on even greater importance in the new post-COVID era we are now entering,”said Kelly Kuykendall, director of Asset Management at Bridge Investment Group. “The building’s spacious floor plans enable the type of flexible workspace now essential for many businesses, and the high quality of capital improvements positions the property for long-term prosperity as one of Broward County’s most desirable workplace communities.”
Dominic Montazemi, Mike Davis, Rick Brugge, Rick Colon, Scott O'Donnell, Greg Miller, Mike Ciadella and Miguel Alcivarof Cushman & Wakefield represented Bridge in the transaction.
Following the disposition, Bridge’s Florida portfolio includes eight additional properties, including the 101,405-square-foot 5601 Hiatus Road and the 514,330-square-foot Sawgrass Technology Park in Broward County, the 241,750-square-foot Fountain Square in Boca Raton and 775,000 square feet across three assets in Miami-Dade County. For more information, visit www.bridgecre-office.
ABOUT BRIDGE INVESMENT GROUP, LLC
Headquartered in Salt Lake City, Bridge is a privately held real estate investment management firm with $20.2 billion in assets under management across the U.S. The firm’s 4,000 team members focus on select real estate verticals which offer above-market opportunities and returns: Office, Multifamily, Senior Housing and Medical Properties, Affordable Housing, Opportunity Zones and Real Estate Debt Strategies. For more information, visit www.bridgeig.com.
ABOUT BRIDGE COMMERCIAL REAL ESTATE, LLC (BCRE)
BCRE isa subsidiary of Bridge Investment Group, providing strategic services for the Bridge Office investment portfolio. With a portfolio of more than 14 million square feet of Class A office space in high-growth markets in 15 states, BCRE offers leasing, property management, accounting and commercial construction services. BCRE is headquartered in Atlanta and Salt Lake City. For more information, visit www.bcre-atl.com.
“The buyer has an exciting opportunity to lease-up the remaining 46,000 square feet of vacant space in one of Florida’s fastest growing cities and Broward County’s largest employment hub,” Dominic Montazemi said.
“Bayview Corporate Tower is a natural first look for the area’s concentration of CEOs, decision makers and entrepreneurs seeking downtown-level amenities without the additional commute, congestion and expense,” Mike Davis said.
