The value of the lease was not disclosed, but rent in the building starts at $18 net per sf, making the Edwards & Angell deal worth a minimum of $820,170 net.
This was the second new lease in the 19-story, 275,000-sf class A office/retail building in less than two months. The other deal was with financial holding company Wachovia Corp., which vacated the space Edwards & Angell now occupies to lease the entire 23,381-sf 18th floor of the building. This site is Wachovia's regional headquarters and houses 112 employees.
Wachovia signed for 10 years, making the total value of the lease at least $4.21 million net. The two new leases bring the occupancy of the building to 75%.
The Edwards & Angell deal was a relocation of the firm's Broward office. Kathy Grandis of Fort Lauderdale, FL-based Stiles Realty represented the property owner, East Las Olas Associates II LTD, a partnership of Stiles Corp., in both transactions.
Robert Orban and Shay Pope, both of Trammell Crow Co. in Miami, FL, represented Edwards & Angell. There was no co-broker in the Wachovia deal.
Edwards & Angell's Fort Lauderdale and West Palm Beach full-service offices specialize in angel investors, emerging companies, technology business, and venture capital and private equity funds. The firm's Fort Lauderdale office currently has eight attorneys.
Wachovia Bank has occupied space at 350 Las Olas Centre since summer 1999, when it leased 9,113 sf of office space and 2,750 sf for a first-floor banking branch.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.