Core Construction Services Expands with New Office Sublease in Downtown Fort Lauderdale
In a strategic move, Core Construction Services of Florida has officially taken over the sublease of a 20,000-square-foot office space previously occupied by Alms Health in Downtown Fort Lauderdale. This transition was confirmed by sources close to the deal, as reported by Commercial Observer.
Details of the Sublease Agreement
The sublease at 1 East Broward Boulevard spans a remaining term of 46 months. Under the terms, the asking price was set at approximately $24 per square foot annually, culminating in an estimated total value of around $1.8 million for the duration of the lease. Core Construction plans to occupy the new office space starting April 1, with intentions to remain beyond the sublease term’s expiration.
Representation and Key Players
Negotiations involved a number of key stakeholders. Steven Evans and Brian Peer from Platinum Properties represented Alms Health in the transaction. Meanwhile, Alfie Hamilton from Colliers (CIGI) represented Core Construction, although no immediate comments were available from him regarding the deal. The representation of Alms Health was also supported by Jeff Holding and Trent Slattery from Cushman & Wakefield (CWK). Alms Health had been a tenant in the building for approximately ten years.
Building Overview and Recent Renovations
The office is located within a prominent structure, the 354,759-square-foot building completed in 1985. This property came under the ownership of Pacific Coast Capital Partners (PCCP), who purchased it for $108.5 million in 2018. In recent years, extensive renovations have been undertaken, with at least $2.7 million invested since 2023 to enhance the building’s facilities and appeal.
Through this sublease, Core Construction Services aims to solidify their presence in Fort Lauderdale while positioning themselves for continued growth and expansion in the region.
