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CORAL SPRINGS, FL-Aquila Property Co. partners Jordan Paul,
Thomas Weber and Andrew Belew have brought their 16-year-old, 10-story, 203,000
sf Preferred Exchange Tower to 95% occupancy from a 72% level in less than 18
months after buying the structure in September 2000.
RMS Equico, a wholly owned subsidiary of New York-based H&R Block, is
taking 8,633 sf for five years at an estimated aggregate rent of $950,000. The
average asking rent is $22 per sf plus operating expenses.
Although not a mega-sized lease, Paul tells GlobeSt.com the transaction is
significant because the deal was done in less than 30 days "in a slow
market and with a creditworthy tenant."
Other name tenants that have moved into the building in the past 12 months
are Tropicana, Community Bank of Broward, ProMetrics and Reynolds and Reynolds.
They join existing tenants such as Salomon Smith Barney, Unisys and Ford Motor
Credit Co. "That brings the total percentage of credit tenants at the
property over 50%," Paul says.
Aquila and Preferred Realty Inc., both based in Coral Springs, FL are joint
owners of the property. They have invested at least $1.5 million in capital
improvements over the last 12 months and leased 50,000 sf. Preferred Realty
manages the property.
Aquila and Preferred Realty paid Florida Sunrise Ltd. $15.5 million or $76.35
per sf for the property in 2000 when it was called Florida Sunrise Tower.
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