As an online retailer soft leaves his seat at Design Center of the Americas near Fort Lauderdale, Fla., another tenant has more than doubled their footprint on the property, Commercial Observer has learned.
Technology company IntelePeer signed a new 10-year lease for 12,627 square feet at the Dania Beach Design Center, according to the broker Sidner clay of Newmark, who represented the company. IntelePeer first moved into the building, located at 1855 Griffin Road, in June 2018, occupying 4,493 square feet.
âThis lease is a great example of the growth of the South Florida office market as tenants begin to assess their real estate needs after the pandemic,â said Sidner. Vacancies in Broward County stay at this time last year at 16.9%, but down from the previous quarter, according to a report of Cushman and Wakefield.
The asking rent for the four-story Design Center of the Americas is $ 32 per square foot.
The 734,225 square foot office complex housed the headquarters of Chewy, a billion dollar pet e-commerce business. Earlier this year, the retailer signed a 221,590 square foot sublet across Broward County to Pointe des Plantations.
Founded in 2003, IntelePeer is a communications platform providing businesses with voice mail services as well as real-time analytics. The company will retain its headquarters in San Mateo, California, and increase its workforce in Florida.
Cushman and Wakefield‘s John criddle represented the owner, Cohen Brothers Real Estate Company.
Julia Echikson can be reached at [email protected]