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Convey Health Triples Fort Lauderdale Space


Convey Health Triples Fort Lauderdale Space

Convey Health Solutions plans to open a global headquarters and technology hub by tripling its space at One Financial Plaza in downtown Fort Lauderdale, FL.

The healthcare technology company is expanding into 33,630 square feet in the 28-story tower at 100 SE 3rd Ave. The move should take place in the second or third quarter of 2018, said Ryan Nunes of JLL, who brokered the deal for Convey.

Nunes said the company will relocate some employees from nearby Sunrise, FL. More than 150 people eventually work in the downtown location, he said.

“They’ve had their (executives) in downtown Fort Lauderdale for a couple of years, and they really see the value of being downtown,” Nunes told CoStar News.

The deal will bring the 298,046-square-foot, 4-Star office building to 93-percent occupancy.

Brokers say office investors and companies are drawn to the area, which is adding thousands of residential units and new shops and restaurants.

“It’s one of the few places in the world where you have the seaport, airport and the downtown all close together,” said Ken Silberling of Capital Business Solutions in Deerfield Beach, FL. “That’s driving a lot of the residential development, and I think you’re going to see more corporate interest in downtown Fort Lauderdale.”

The downtown has the highest gross asking rents in Broward County at about $32.50 per square foot, according to CoStar data. The third quarter vacancy was 8.6 percent, down from 9.4 percent a year earlier.

Built in 1972, One Financial Plaza offers a conference center, fitness facility and newly-renovated lobby and common areas. The Tower Club restaurant is on the top floor.

Boca Raton-based Crocker Partners recapitalized the asset in February, bringing on Chicago-based Walton Street Capital in a transaction that valued the asset at $86.75 million ($291 /SF), according to CoStar data. Crocker and Five Mile Capital Partners paid $44 million ($148 /SF) for the property in 2011.

Crocker remains involved with One Financial Plaza as the asset manager, said Laurel Oswald, executive director of Tower Commercial Real Estate, which brokered the deal on behalf of Walton.

Tower Commercial also announced 41,398 square feet in recent leases at the building, including renewals with Broad & Cassel (15,276 SF), RJ Reynolds (11,213) and AXA Equitable Insurance (10,184). Insperity HR Solutions signed a new lease for 4,725 square feet.

Tower Commercial’s leasing team includes Jon Blunk, Cristina Glaria and Van Watson.

Paul Owers, South Florida Market Reporter  CoStar Group   

Source: Convey Health Triples Fort Lauderdale Space

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