A Strategic Space for Long-Term Growth
Situation
Kirwan Spellacy & Danner, a rapidly expanding law firm, outgrew their leased office space in a Class C office condo.
Tenant sought purchase and lease relocation opportunities in higher class buildings with a longer-term occupancy to accommodate the firm’s growth.
The law firm was not familiar with the downtown Fort Lauderdale office market and needed a crash course on market rents, availabilities, and neighborhood vibes for its legal staff and attorneys.
Strategy
RISE Realty leveraged its sophisticated financial models to show our client the benefits of ownership versus leasing.
Our team strategized various financing avenues due to favorable bank lending interest rates.
In an effort to make a deal prior to the end of 2012, our team identified the opportunity to purchase two full floors in the currently leased legal center office condominium building.
This allowed our client to take advantage of a very favorable bank-owned full floor option in a higher-class office building, thanks to quick financing with an aggressive community bank.
Results
A Class A Office Building at Museum Plaza in downtown Fort Lauderdale landed the deal, which closed in less than a month from the original offer date.
Our client acquired 16,057 square feet of office space and have since moved in most of its legal team.
A long-term occupancy solution and favorable investment, our team secured a big win for the law firm.
Nova Southeastern University, The Language Academy, Lubell & Rosen, Cross Keys Capital, Santucci Priore, Starmark, Perlman, Bajandas, Yevoli & Albright, Alarm.com, Font & Nelson, Katz and Katz Pa, Cruise & Maritime Voyages USAA, and William Ruggerio are among the existing office tenant roster.
