Software Company Citrix Sells HQ in Fort Lauderdale for $37M
By Julia Echikson September 3, 2024 6:44 pm
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Cloud computing company Citrix Systems sold its headquarters in Fort Lauderdale, Fla., while agreeing to stay put for more than two decades.
An entity tied to Maksim “Max” Slyusarchuk, founder and CEO of mortgage lender A&D Mortgage and mortgage investment fund Imperial Fund, paid $37 million for the two-building property at 899 West Cypress Creek Road, just west of Interstate 95.
Spanning 339,241 square feet, the larger, nine-story structure was completed in 1987. The smaller building is a six-story, 143,330-square-foot structure built in 2001.
The buyer nabbed a $29.6 million acquisition loan from First Horizon Bank.
The sale price marks a 37 percent drop in value since Selco Service Corporation purchased the complex for $58 million in 2002, according to property records. Citrix acquired it in 2014 for an undisclosed amount.
As part of the recent sale, Citrix signed a lease-back agreement until 2036, filings to Broward County show. The deal includes two five-year extensions.
In recent years, Citrix has struggled. Two years ago, it went private in a $16.5 billion deal, spearheaded by Elliott Management and Vista Equity Partners, Reuters reported. Earlier this year, its parent company Cloud Software Group laid off approximately 12 percent of its workforce, according to CRN.
Representatives for Citrix and Slyusarchuk did not immediately respond to a request for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
