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.