The landlord currently occupies 50,000 square feet that will be part of Franklin's new 10-year lease, according to Tom Kates, president of Stiles Realty who negotiated the lease. Additional terms are being kept confidential, though asking rents at 300 Las Olas Place are currently $20 per square foot.
"We knew they had been looking for a new location, so we approached them and offered our space," Kates tells GlobeSt.com. "It brings a great credit tenant to one of our buildings, and it basically fills two."
Stiles lists current occupancy of 90% at 300 Las Olas, which contains 100,340 square feet, and 70% at 301 Las Olas with 87,833 square feet, according to commercial real estate directory Black's Guide. Franklin's office is now in the Broward Financial Centre, which is 82% occupied.
"It was important to us to find a location in Downtown Fort Lauderdale with enough space to accommodate our current staff and allow us to provide our employees with a more modern and efficient layout," says Gary Motyl, chief investment officer of Templeton Global Equity Group. Franklin Templeton has 350 employees that will move to 300 Las Olas next year.
Stiles has had great success in attracting large urban office tenants in recent years. Locally based AutoNation Inc. moved last year to 103,000 square feet at 200 Las Olas Circle from nearby 110 Tower (formerly AutoNation Tower), also owned by Stiles.
"In this environment, it is very beneficial to have two Fortune 500 companies in two of our buildings," Kates says. "We're very fortunate in that respect."
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