Avison Young completes 47,879-sf lease transaction with Cigna Health & Life Insurance Company at Sawgrass Corporate Centre II in Sunrise, Florida

Large lease renewal stands out as Fort Lauderdale market experiences robust new leasing activity led by smaller tenants

SUNRISE, FLA. – Avison Young secured a 47,879-square-foot lease renewal with Cigna Health & Life Insurance Company, encompassing two full floors at Sawgrass Corporate Centre II at 1571 Sawgrass Corporate Parkway in Sunrise, Florida. The transaction represents more than half of the building’s square footage and solidifies Cigna’s commitment to its corporate culture and return-to-office initiative following the pandemic.

Avison Young’s Greg Martin, Principal and Managing Director of the firm’s Fort Lauderdale and Boca Raton offices; Justin Cope, SIOR, Principal; and Lisa Blumer, CCIM, Senior Vice President; completed the renewal on behalf of co-owners Vanderbilt Office Properties and Barron Colliers. CBRE represented the tenant.

“Cigna’s decision to renew two full floors at Sawgrass Corporate Centre II shows that quality, well-located office buildings are still retaining large tenants, despite small new lease transactions accounting for most of the current leasing activity,” said Martin. “Realizing the strength of existing tenants, more landlords are prioritizing retention over attraction in today’s office market.”

According to Avison Young’s first-quarter 2024 research, tenant demand has shifted over the past six years in Broward County, with 94% of office leases falling below 10,000 square feet. Even so, the market exhibited robust performance, with leasing activity for the quarter exceeding 632,000 square feet, and a stabilized vacancy rate of 16.9%.

Sawgrass Corporate Centre II spans four stories, totaling 91,221 square feet. The class A office building is strategically located in Sawgrass International Corporate Park boasting easy access to Interstate 75, Interstate 595, and the Sawgrass Expressway. Just minutes away from Sawgrass Mills Mall and BB&T Center, tenants and visitors enjoy close proximity to a variety of restaurants, hotels, shopping, and entertainment.