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Aetna Inks Office Deal at Florida's Plantation Walk

175,000-SF Building Due to Open This Summer
June 12, 2018
Insurance giant Aetna has agreed to a lease for about half of a planned 175,000-square-foot office building at the new Plantation Walk development in Plantation, FL.

The office building is part of a $350 million mixed-use project that Encore Capital Management is building at the site of the old Fashion Mall at 300 NW 82nd Ave. When completed, Plantation Walk also will have 200,000 square feet of retail space and 700 luxury apartments.

A source close to the negotiations confirmed the deal with Aetna. The property’s office leasing agent, Jay Adams of Newmark Knight Frank, declined to comment for this story. Aetna’s broker, Steve Ernst of Cushman & Wakefield, did not return a phone call seeking comment.

The seven-story building is due to be complete this summer, with the first tenants moving in by December, according to a spokeswoman for Plantation Walk.

Aetna currently has about 100,000 square feet at 1340 Concord Terrace at the Sawgrass Corporate Park in Sunrise, FL, according to CoStar data.

Encore bought the Fashion Mall out of bankruptcy for $37.7 million in 2015. The center closed in 2007, and had fallen into disrepair.

Plantation Mayor Diane Veltri Bendekovic has said that Plantation Walk is one of the most anticipated projects in the city’s history, citing an increased tax base and the new jobs it will bring to the community.

"It's in a prime location, and we would hope that it will generate quite a bit of energy for that area," she said. "I'm very pleased with what has been proposed."

In 2017, Torburn Partners of Northbrook, IL renovated the former Motorola office park in Plantation, another signature development in the city that had lost its appeal.

Torburn signed Magic Leap, a technology company, and healthcare company Amsurg Corp. to join Motorola in the 850,000-square-foot campus at West Sunrise Boulevard and North University Drive. Torburn also added restaurants and amenities, and renamed the complex Plantation Pointe. Torburn later sold part of the park to an affiliate of Miami-based Midtown Capital Partners for $56.6 million, according to CoStar data.

Paul Owers, South Florida Market Reporter  CoStar Group   
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