technology company Cover signed an 18,392 square foot lease at Tower 101 in downtown Fort Lauderdale, according to the brokerage CBRE.
The new 17th-floor office will accommodate approximately 125 employees by the end of 2023. The Boston-based company is a provider of outsourced sales development services for technology companies.
Tower 101 is just east of the city’s Brightline station at 101 NE 3rd Avenue, corner of 1st Street North East. The owner, Ivy Real Estate Servicesbought the property for $56.3 million in 2016, according to property records.
Reveneer’s lease brings the 21-story property 90% leased. Las Vegas-based cryptocurrency company Marathon Digital Backgrounds occupies 5,600 square feet, and Ryan Transportationa Kentucky-based logistics company, leases 4,600 square feet.
The Brokers Involved in the Deal – CBRE’s John Criddle and Joe Freitaswho represented the owner, and Max Pawkalso from CBRE, which represented the tenant — did not respond to inquiries regarding the term of the lease and the rent request.
Despite Reveneer’s lease, Broward County continues to struggle as new-to-market businesses move into the Miami and West Palm Beach areas. The absorption rate remained in the red during the first quarter of 2022, standing at minus 134,816 squares, according to Data of JLL. In contrast, Miami Dade County and Palm Beach County net absorption was 451,818 and 182,307 square feet respectively during the same period.
Julia Echikson can be contacted at [email protected].
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