IP Capital Partners Signs HQ Tenant at South Florida Building

Plantation Commerce Center

IP Capital Partners has landed a new tenant at Plantation Commerce Center, a four-story, Class A office building in Plantation, Fla. Property management firm FirstService Residential has signed a headquarters lease for 65,430 square feet and will occupy two floors starting April 2023.

Colliers’ Executive Vice President Robert Listokin represented the tenant, while Executive Director Travis Herring and Senior Associate Chase Kulp of Cushman & Wakefield represented the landlord.

This deal marks the largest office lease in Broward County in the second quarter of the year. Throughout the market, approximately 2.1 million square feet were leased in Broward County, with more than 134,000 square feet leased year-to-date in the Plantation submarket. The overall Miami office market has been performing well, although leasing activity slowed down in the second quarter, dropping 30 basis points.

Plantation Commerce Center is a 120,923-square-foot office building, originally completed in 1994 and renovated in 2013, according to CommercialEdge data. The asset is currently undergoing property enhancements, including upgrades to the main lobby, corridors, elevators and restrooms. Floorplates range between 28,006 and 31,224 square feet. Other tenants in the building include Crown Castle, which occupies 32,132 square feet. With the signing of the FirstService Residential deal, the property is now 85 percent leased.

Located at 1601 SW. 80th Terrace, the office building is 8.6 miles from Fort Lauderdale and approximately 28 miles from Miami. The property has building signage fronting Interstate 595, which FirstService will utilize. Plantation Commerce Center also offers tenants easy access to a variety of dining options in the surrounding area.