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Commercial Florida has a long tradition of real estate excellence that is built on integrity, loyalty, teamwork, professionalism and passion.

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Case Studies


JP Morgan Chase
Transaction History-Case Studies

JP Morgan Chase Logo

Commercial Florida has maintained a long term strategic relationship with JP Morgan Chase and its subsidiaries in providing transaction services through South Florida for over 15 years.

Southlake Plaza, 1350-1400 Newport Center Drive, Deerfield Beach, Florida

In late 2006, JP Morgan Chase requested that Commercial Florida negotiate an early renewal and expansion of its premises for its mortgage operations center in Deerfield Beach at Southlake Plaza. At the time, the original Premises of 42,500 sf were expanded to 48,300 sf. The renegotiations resulted in an extension of the lease term and an overall occupancy cost reduction to JP Morgan Chase. It also provided a needed renovation and leasehold improvement allowance and the attention to deferred maintenance, a shifting of air conditioning replacement costs to the Landlord, and other property condition issues. The new Lease also provided rights for their on-going space expansion needs within the complex.

Opportunity/Challenge

  • • The scope of JP Morgan Chase’s operations changed at the property requiring a significant investment in back up systems with major generator capacity and associated infrastructure
  • • A complete analysis of cost and logistics of relocation verses renewal and renovation in the existing Premises was undertaken by Commercial Florida.
  • • The space needs necessitated a downsize of the Premisese
  • • An expressed preference for a minimal disruption to their operations

Solution 

Commercial Florida studied the existing space, completed a full needs assessment in collaboration with the in house JP Morgan Chase facilities and real estate personnel, and, after consideration of other viable relocation alternatives, determined that the best solution was to downsize in the existing building from the 2nd floor to the 1st floor, and to surrender a portion of the premises to the Landlord in exchange for an early renewal and rental cost reduction. Commercial Florida then negotiated a 12 year lease for 40,000 sf which included a substantial cash allowance towards renovations/tenant improvements and relocation costs, a retroactive adjustment in base rent costs, and caps on future increases in base rent and operating expense costs, and increased parking rights.

Value Added by Commercial Florida

  • • JP Morgan Chase benefited from an immediate reduction in occupancy costs and received a sufficient cash allowance to accomplish its goals and objectives.
  • • The transaction assisted in improving functionality, efficiency, and internal operations.
  • • There was minimal disruption to the operations conducted at the facility.

Additional JP Morgan Chase Transactions in South Florida:

In 2013, Commercial Florida was requested by JP Morgan Chase to negotiate a short term renewal of its 23,000 sf Lease at Sawgrass Lakes Center, in Sunrise, Florida. The facility was shared by its mortgage counseling group as well as bank branch operations and training. In a further transaction, Commercial Florida represented JP Morgan Chase Securities in the relocation of its offices in Palm Beach Gardens, Florida, relocating from Golden Bear Plaza to newly configured offices at 3801 PGA Boulevard for 4500 sf.

JC Morgan Case Studies


Signature Consultants
Fort Lauderdale, FL
Tenant Advisory Services –
Occupancy Cost Reduction Solution
December 30, 2009

Signature Logo

Opportunity/Challenge

Signature Consultants is a 16 year old staffing firm that provides staffing service in the fields of information technology, financing and accounting with clients such as Alcoa, Bristol Myers Squibb, GMAC and KPMG Peat Marwick. Sig-Consult approached Commercial Florida to execute on their business objectives to reduce their occupancy costs at the corporate headquarters office in Fort Lauderdale, Florida.  Sig-Consult had twenty-four (24) months remain on their existing lease term in a near thirty (30%) percent vacant submarket.    With the extended lease term and little opportunity to sublease any portion of Sig-Consults office space based upon market conditions, Commercial Florida commenced negotiations with Sig-Consults existing Landlord.

Solution 

  • • Extend Sig-Consults lease term from twenty-four (24) months to sixty (60) months.
  • • Reduce Sig-Consults rental rate from $18.00 NNN to $16.00 NNN. 
  • • Sig-Consult surrendered thirty-five (35%) percent of their office space that they were not currently using. 
  • • Commercial Florida was able to capitalize on its excellent relationship with the landlord to expedite a favorable transaction for Sig-Consult.

 

Value Added by Commercial Florida

  • Negotiated an eleven (11%) percent reduction in rental costs.
  • Saved Sig-Consult over $250,000 by surrendering unused office space.
  • Sig-Consults exceeded its economic goal of occupancy cost savings.

Hillsboro Center
Deerfield Beach, FL
Project Agency Leasing-
Increasing Occupancy
1/29/2010

Hillsboro Center Logo Parkway

Opportunity/Challenge

Hillsboro Center is a five (5) building office complex consisting of over 225,000 square feet located at Broward and Palm Beach County line.  Commercial Florida was retained by Parkway Properties (NYSE Symbol: PKY) to assume the project leasing agency.  At the time the property had lost its major occupant (72,000 square foot real estate mortgage provider) that had fallen do to real estate downturn in 2008.  There had been little leasing activity at the property in the prior eighteen months and the opportunity lied in reintroducing the complex to the real estate brokerage and business communities in Broward and Palm Beach Counties.

 
Solution

Commercial Florida developed an aggressive marketing campaign to increase awareness of Hillsboro Center in the tenant and brokerage communities.  The campaign focused on a specifically designed ‘units of activities’ marketing program for the property.  In order to showcase the project to the brokerage community Commercial Florida hosted the NAIOP bus tour luncheon and secured the cover of Black’s Real Estate Guide.  In addition customer and broker incentive program were established where the prospective tenants would receive relocation allowances in addition to rental abatement and the highest level of customer service in the marketplace.  Coopering brokers received cash bonuses in addition to the full commissions being offered.  The result was eight (8) new lease transactions in the first 120 days of the assignment.

Value Added By Commercial Florida

  • Implementation and execution of a pre-approved proactive marketing campaign
  • Successful aggressive marketing for the project have increased the buildings by nine (9%) percent
  • Ninety-six (96%) tenant retention
  • Increase of project awareness

 

 


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