Accesso Buys 240 KSF Office Asset

January 14, 2025

The Fort Lauderdale property came online in 2001.

Exterior shot of Sawgrass Lake Center in Sunrise, Fla., a six-story building with glass and white concrete facade, surrounded by palm trees. — Sawgrass Lake Center went through cosmetic renovations in 2017. *Image courtesy of CommercialEdge*

Accesso has acquired Sawgrass Lake Center, a 240,000-square-foot office building in Sunrise, Fla., a Fort Lauderdale submarket. American Realty Advisors sold the asset, according to CommercialEdge information, represented by CBRE.

The property previously traded in March 2018, when Foundry Commercial sold it for $57.4 million—or $195.66 per square foot—the same source shows. American Realty Advisors took out a $43.8 million loan from Regions Bank for the acquisition.

Located at 13450 W. Sunrise Blvd., the LEED-certified building is some 18 miles from downtown Fort Lauderdale and the Fort Lauderdale-Hollywood International Airport. The property is also adjacent to Sawgrass Mills Center, a 2.3 million-square-foot shopping and dining destination.

The six-story building came online in 2001 and went through cosmetic renovations in 2017. The mid-rise features 3,000 square feet of retail space and floorplates ranging between 46,904 and 48,896 square feet. Amenities include a fitness center, cafe, tenant lounge, conference center and outdoor seating area. The almost 7-acre property also has a five-story structure parking garage.

Tenants at the Class A building include AT&T, GoVine Insurance, Watches of Switzerland and StevenDouglas.

CBRE Vice Chairman Christian Lee and Vice President Sean Kelly, along with Financial Analysts Tom Rappa and Matthew Lee, brokered the deal on behalf of the seller.

Office sector shows signs of improvement

The office sector is set to evolve, driven by the hybrid work model which demands flexibility and adaptability. Companies are expected to prioritize creating engaging, experience-rich environments that inspire creativity and foster connections among employees. This shift reflects the changing dynamics of the workforce and tenant expectations, emphasizing the importance of spaces that cater to diverse employee needs.

The forecast for 2025 also highlights a potential increase in office demand, particularly in sectors like law and finance. According to a Savills report, the legal sector leasing volume between the first and third quarter of last year increased by 29.9 percent compared to the same period of 2023.