PCCP, LLC AND NAI/MERIN HUNTER CODMAN JOINT VENTURE ACQUIRES A CLASS A OFFICE TOWER IN DOWNTOWN FORT LAUDERDALE
New York, NY, October 2, 2018 – PCCP, LLC announced today that its joint venture with NAI/Merin Hunter Codman has acquired 1 East Broward, a 19-story, 351,705-square-foot Class A office tower in downtown Fort Lauderdale.
The property is located on the northeast corner of Broward Boulevard and Andrews Avenue in the heart of Fort Lauderdale’s rapidly expanding downtown and across from the new Brightline Rail Station. The 91 percent leased property includes a 19-story building and a five-story building that are connected by a covered sky bridge to a four-story parking structure that provides the office tenants with 772 covered parking spaces. The property recently received an extensive renovation with over $4.9 million invested since the beginning of 2013 and serves as the new U.S. headquarters for KEMET Corporation, a leading publicly traded global supplier of electronic components. KEMET recently relocated its corporate headquarters from Greenville, SC to 1 East Broward bringing 150 additional jobs to the Fort Lauderdale CBD. KEMET joins several leading law firms who have corporate and regional headquarters at 1 East Broward including Becker & Poliakoff, Quintairos, Prieto, Wood & Boyer, McGlinchey Stafford and Hinshaw & Culbertson.
“We are excited to close on our second transaction with NAI/Merin Hunter Codman, an active and experienced South Florida real estate firm,” said Kevin Chin, a senior vice president with PCCP. “We plan to make additional improvements to this trophy office tower in order to continue to attract and retain area tenants seeking high quality space in this thriving downtown market.”
1 East Broward has benefited from its location in the burgeoning Flagler Village neighborhood of Downtown Ft. Lauderdale and is the closest office tower to the recently opened Brightline train station. Additionally, it is convenient to more than 6,415 new multifamily units, art galleries, restaurants, and retail amenities.
NAI/Merin Hunter Codman will take over property management and leasing at 1 East Broward. NAI/Merin Hunter Codman Chairman Neil Merin, who will oversee the leasing team with NAI Merin Hunter Codman associate Max Pawk, stated, “With its strategic location adjacent to the Brightline rail station, the Federal Courthouse and within walking distance of both Las Olas Boulevard and all of the exciting new residential and cultural development taking place in Flagler Village, 1 East Broward offers its tenants an ideal corporate home with easy access to everything that is happening in Fort Lauderdale and South Florida.”