PRESS RELEASE
Contact:
Darcie Lunsford
Senior VP Butters Realty & Management.
Cell (954) 261-3820
dlunsford@butters.com
Sutherland Global Services moves into University Place in the heart of Coral Springs
CORAL SPRINGS, FLA. – June 20, 2014 — Veteran South Florida developer Butters Construction & Development and San Francisco-based Bristol Group recently completed a 14,500 square foot lease with a division of Sutherland Global Services at University Place in the heart of Coral Springs.
The deal required Butters to commence a quick-turn build out and within a few days of signing the lease, Sutherland Global was able to move into the first phase.
“Once we met with Sutherland’s executive team, we knew it was a good fit and that Sutherland would be a great tenant to have right out of the starting gate,” said Malcolm Butters, president of Butters. “The biggest challenge was that we needed to get Sutherland’s space planning and construction underway even as lease negotiations continued.”
The deal is part of the partnership’s plans to redevelop the 10-story, 205,000-square-foot building at 3111 North University Drive into a Class A corporate center. Butters and Bristol acquired the building, the largest in Northwest Broward County, in late December, and are in the process of a $10 million transformation, which includes a new front retail fa�ade, elevator modernization, new bathrooms and common areas, and a full refurbishment of the building’s atrium lobby.
The partnership’s investment is part of a multipronged strategy to reposition the property as a best-in-class office center with new retail store fronts that will tie the building into the heart of Coral Spring’s main retail corridor along University Drive.
The five-year deal with Sutherland Global adds to the transformation of University Place and allows one of the world’s largest providers of business processing and technology management services to expand its healthcare division in Broward County.
“Butters, through its deep relationships in South Florida was able to convince Sutherland’s brokers to put the Coral Springs building in front of the Rochester, N.Y.-based company, even as it was negotiating at another location,” said Darcie Lunsford, senior VP of Butters Realty & Management, who brokered the transaction along with Molly McDonough, also senior VP at Butters. “But we knew if we could just get them to the property that our team and our vision for the asset would make this deal happen.”
Caroline Fleischer and Michael Feuerman, directors at Cushman & Wakefield, represented Sutherland in the transaction.
Butters and Bristol purchased the building late last year during a competitive bidding process. Prior to the acquisition, the building, formerly known as Preferred Exchange Tower, had been seized by a commercial mortgage-backed securities trust in 2012 after a default on its $24 million mortgage.
The move to University Place follows Sutherland Global’s $200 million acquisition of Apollo Health Street, a provider of healthcare business services and health information technology-based solutions for major hospital, physicians and health insurance providers.
Other University Place tenants currently include Scarborough Research, Community Bank of Broward and Cycle Up Supply Chain Services.
About Bristol Group
Bristol Group, founded in 1980, is a nationally active real estate investment and development firm based in San Francisco. The firm has acquired, developed or redeveloped over $2.5 billion of real estate. In the past year, Bristol Group has purchased or completed development of over $130 million worth of assets in Florida. Bristol’s current real estate portfolio consists of office, industrial, retail, multi-family and self-storage properties nationwide.
About Butters
Butters is a fully integrated real estate development, construction, realty and management firm founded in 1990. Based in Coconut Creek, Fla., the company has developed and constructed more than 11 million square feet of commercial space in South Florida and currently manages and leases more than 3 million square feet. The company’s clients and partners include Bristol Group, Principal Life Insurance Co., Morgan Stanley, Fidelity Investments, KTR Capital Partners and Prologis. For more information go to www.butters.com.
About Sutherland Global Services
Established in 1986, Sutherland Global Services is a global provider of business process and technology management services offering an integrated portfolio of analytics-driven back-office and customer facing solutions that support the entire customer lifecycle. Headquartered in Rochester, N.Y., Sutherland is one of the world’s largest independent BPO companies employing over 30,000-plus professionals across 40-plus operation centers and business operations located in Brazil, Bulgaria, Canada, China, Colombia, Egypt, India, Jamaica, Malaysia, Mexico, Philippines, the United Arab Emirates, the United Kingdom, and the United States.