Newmark announced today that it brokered a 15,000-square-foot lease agreement for AbleTo at Sunrise Corporate Park in Sunrise, Florida. The deal represents AbleTo’s initial entry into South Florida and comes on the heels of rapid growth for one of the nation’s leading providers in virtual behavioral healthcare with the immediate anticipation of hiring 100 employees within the next year. Greg Milopoulos, associate director at Newmark, represented the tenant.
“AbleTo’s intention is to support their growing demand for services in South Florida and being centrally located enables them to attract employees from both Broward and Miami-Dade counties” Milopoulos said.
The pair of Class B buildings are owned by Workspace Property Trust and are now 100% occupied due to their convenient location and proximity to the area’s deep pool of professional talent. The office park is just minutes from the Sawgrass Mills Mall, shopping centers, hotels, restaurants and schools, and is also less than 15 miles from Fort Lauderdale-Hollywood International Airport.
Newmark’s Vice Chairman Fred Smith and Associates Thomas Burrus and Elizabeth Ughetta worked with AbleTo on other real estate assignments and reached out to Milopoulos about the company’s plans to expand to multiple markets. South Florida was identified as one of the primary targets for expansion.
“This transaction illustrates Newmark’s effectiveness in servicing clients nationwide under one umbrella,” Milopoulos said. “The relationship and previous history AbleTo had with our New York team played a key role in facilitating a search through our streamlined network that quickly and efficiently met their real estate requirements. The new location at Sunrise Corporate Park positions AbleTo for future growth and success in the decade ahead.”
AbleTo supports individuals facing emotional and behavioral challenges brought on by medical events and life transitions, helping people across the country receive the mental health treatment they need through virtual and digital services using a convenient and secure telehealth approach.
According to Newmark’s Q4 South Florida office report, moderate growth continued across the region heading into the new year. Broward County’s office sector led South Florida in total demand with over 436,000 square feet of positive net absorption occurring in 2019. The average asking rate of $29.59/SF was just behind the all-time high of $29.61/SF set in 2008.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 18,000 professionals operate from approximately 480 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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