State Of Florida Department Of Financial Services Leases 20,000 Square Feet At Sawgrass Concourse

The asset involved in this transaction is an office space located at Sawgrass Concourse – 789 International Parkway, positioned in the Sunrise market. The lease agreement encompasses a total of 20,000 square feet with a asking rent of $27 per square foot, structured as a NNN lease.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $27/ft
• Square Footage: 20,000
• Address: Sawgrass Concourse – 789 International Parkway
• Market: Sunrise
• Landlord: MG3 Group
• Tenant: State of Florida - Department of Financial Services
• Landlord's Rep: Gordon Messinger - CBRE
• Tenant's Rep: Jerry Thornbury - Savills
• Lease Type: NNN Lease

This transaction includes notable contributions from the representatives, with CBRE's Gordon Messinger facilitating the landlord's interests, and Savills' Jerry Thornbury representing the tenant. CBRE successfully backfilled nearly 40,000 square feet in the building within a 7-month period, increasing occupancy from 0% to over 60%. Additionally, the State of Florida Department of Financial Services secured a lease for 20,000 square feet, alongside another lease for 19,000 square feet by the Department of Revenue.