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Stiles Gives Up Its Offices to New Tenant

FORT LAUDERDALE, FL-The landlord will move next door for Franklin Templeton's 80,500-square-foot lease.

By Carl Cronan | Updated on January 12, 2010

FORT LAUDERDALE, FL-Locally based Stiles Corp. is giving up its offices at 300 Las Olas Place to accommodate a larger lease for Franklin Resources Inc. next year. The San Mateo, CA-based parent of Franklin Templeton Investments will take up 80,500 square feet in the 10-story building starting in mid-2011, while Stiles will relocate to the adjacent 301 Las Olas Place, which it also owns.

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.”

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