FORT LAUDERDALE, FL-In a market where some buildings are posting vacancy rates higher than 60%, Guarantee Insurance inked a five-year lease expansion spanning 21,000 square feet of office space at the Las Olas City Centre downtown. The total value of the lease exceeds $4.5 million.
Norm Adams, director of Real Estate, and Liz Glaria, a leasing associate at Stiles Realty, represented the ownership in lease negotiations. Jim Cahlin, a senior director at Cushman & Wakefield, represented Guarantee Insurance. A partnership between Stiles and Shorenstein Company owns the building. Stiles administers the leasing and property management for the building.
Guarantee is expanding from 7,000 square feet of office space at the mixed-use project. With the Guarantee expansion, the 23-story, 408,079-square-foot Las Olas City Centre is 89% leased. That gives the trophy building bragging rights as one of the highest office building occupancy rates on Las Olas Boulevard. Las Olas City Centre is also home to Bank of America, UBS and Greenberg Traurig.
“This lease represents not only a commitment to downtown Ft. Lauderdale and the building, but also a commitment for the business itself," says Adams. "This positions Guarantee Insurance with a space that allows for growth so they can remain in the building and a part of our highly valued tenant mix for years to come.”
Stiles developed Las Olas City Centre in 2002. Located at 401 East Las Olas Boulevard, the building is an office and retail complex with a five-story 1,042 space parking garage, and a pedestrian-friendly entry plaza that opens onto the high-volume lobby.
“This move demonstrates our long-term allegiance to downtown Ft. Lauderdale and enables us to bring together employees across our financial services spectrum to better serve our clients,” says Steve Mariano, president of Guarantee Insurance’s Ft. Lauderdale Office. In a sign of economic recover, Guarantee is also adding 50 new employees at its Ft. Lauderdale offices.
With the Guarantee expansion, about 38,000 square feet of available space remain at Las Olas City Centre. Rental rates ranging from $25 to $27 per square foot. Cahlin could not be reached for comment on any concessions involved in Guarantee Insurance expansion deal.
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