110 TOWER | FORT LAUDERDALE, FLORIDA
One of the most recognizable buildings on the downtown skyline, this iconic tower was originally known as AutoNation Tower and served for many years as the headquarters for the country’s largest retailer of cars and trucks. But in 2008 due to industry challenges, AutoNation announced they would not renew their master lease and would instead consolidate into a newer and smaller building.
Now, with the need to backfill AutoNation’s space, ownership realized that a complete renovation would be required to bring the property up to contemporary standards for multi-tenant office buildings and make it competitive. The building’s existing infrastructure, efficient floor plates, ceiling heights and parking justified the purposed investments.
Also, fact that the tower was completely “off radar” in terms of the local brokerage community was another issue, due to the fact it had been 100% leased to AutoNation for such a long time. Further complicating matters were the increasingly difficult office leasing conditions, as AutoNation’s decision to relocate came just as the South Florida and US economy was slipping into a recession.
In early 2009, Robinson and his team were retained to market, lease, manage, and oversee the building’s multi-million renovation. Robinson immediately converted a number of subleases to direct leases and through aggressive marketing quickly secured a number of new tenants to bring occupancy up to 60% and begin stabilizing the building.
To attract new tenants to the property, a strategic redevelopment and marketing plan was implemented that would capitalize on 1) the building’s location directly across the street from Broward County Courthouse and 2) becoming the sole multi-tenant, “green” office building option in the market. Playing off the street address, the building was re branded as “110 Tower” and marketed as a location “where your office works 110% better.”
Simultaneously, a $15 million renovation of the building’s lobby, common areas, and building systems was launched. In addition to the dramatic new look, 110 Tower would also benefit from a significant expansion of its on-site amenity package including new retail options on the first floor of what was previously a parking lot and Autonation’s car showroom. Furthermore, ENERGY STAR® and LEED® Gold certification would be secured.
Armed with new marketing materials that highlighted the extensive redevelopment work, 110 Tower was aggressively marketed to the Broward legal community and local professional services firms as a “new” Class A property offering state-of-the-art systems and a market leading mix of amenities and services.