GlobeSt.com estimates the lease value at $2.9 million, or $33.71 per sf, based on a third-quarter market survey of class A office space that Cushman & Wakefield of Florida Inc. recently published.
The space is located in a submarket that is showing an overall vacancy rate of about 11.9% and a direct vacancy rate of about 8.4%.
This is the first Florida office for Louisiana's largest law firm. Jones Lang LaSalle owns the office building. Douglas Campbell, Cushman & Wakefield's executive director, represented the tenant.
"Rarely does a landlord see such a smooth transition, with the old tenant moving out one day and the new tenant leasing the space and existing furnishings virtually the next day," Campbell tells GlobeSt.. "In addition to finding space with the ideal layout, we were able to negotiate an attractive lease rate for Jones Walker because of the turnkey nature of the transaction."
John Rooney, former managing partner in the Miami office of Fowler Rodriguez, another New Orleans-based law firm, will also manage the new Jones Walker office.
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