Reese Stigliano, president of Stigliano Commercial Real Estate, represented Miller Legg & Associates in the 10,380-square-foot lease renewal and expansion of their corporate headquarters at 5747 North Andrews Way in Fort Lauderdale.
Miller Legg is a 55-year-old, award-winning engineering and environmental consulting company that specializes in landscape architecture, surveying, utility planning and environmental engineering.
According to Stigliano, “We did an extensive search for alternative locations throughout Broward County. After a comprehensive financial analysis of several viable alternatives, the most economical choice was to renew and expand at their current location in the Cypress Creek submarket of Fort Lauderdale.”
The Cypress Creek submarket, with an inventory of 8.4 million square feet, currently has a 12% vacancy with rents close to 10% below the metro average. The Greater Fort Lauderdale office market of approximate 70 million square feet, has seen a significant escalation of rents due to strong demand as well as increases in tenant improvement costs and real estate taxes. Overall office rate vacancy in Greater Fort Lauderdale stands at 8%.
“In light of the coronavirus outbreak, the decision to renegotiate their existing lease was indeed fortuitous”, said Stigliano. “We were able to secure a very economical solution with an expansion option to provide Miller Legg the ability to keep their overhead low with the flexibility to expand when necessary.”
Reese Stigliano is a recognized leader in the South Florida commercial real estate market, with over 35 years of experience. As President, he focuses on land sales, investment sales and office leasing for the firm. Mr. Stigliano’ s talent in bringing complicated commercial transactions to a close has been evident in his successful 35-year brokerage career.