FORT LAUDERDALE, FL-Rare Los Olas has signed a 10-year, 6631-square-foot lease for prime ground floor retail space at Las Olas City Centre in downtown. With this lease, the entire ground floor—which offers frontage and signage directly on Las Olas Boulevard—is occupied.
Las Olas City Centre is owned in partnership by Stiles and Shorenstein Company. Stiles also performs the leasing and property management for the building. Norm Adams and Liz Glaria of Stiles Realty represented the landlord in lease negotiations. Jeff Sussman of Boca Raton-based Sussman Restaurant Brokerage, together with Julie Berry and Kimberly Barbar of Stiles Realty, represented Rare Las Olas, which is operated by CentraArchy Restaurant Management Company.
Adams, Stiles director of Real Estate, tells GlobeSt.com that Rare Las Olas is taking up space that once serve Bova Prime. With the closing of Bova and no comparable steak houses on Las Olas, Adams says this was the perfect time for Rare to make an entry.
“This building is chock-full of retail and business tenants who have long-term leases,” Adams says. “It shows a lot for Las Olas and the building, which is clearly leading the market right now. There was a niche here to be filled. Las Olas is a dining and entertainment destination, and now it offers a high end steak house providing a wider variety of dining experiences.”
Located at 401 East Las Olas Boulevard, Las Olas City Centre is a 23-story mixed-use class A trophy office building. The asset is 89% leased, one of the highest occupancy rates in the downtown Ft. Lauderdale market. The ground floor of Las Olas City Centre is home to retail tenants including Bank of America, Offerdahls, Subway, Hot Tomato’s, Global Office, UPS, Tease and more.
“Las Olas is a hot area that has continued to succeed in spite of the market,” Adams says. “Locals and tourists visit Las Olas for work, entertainment, culture and school.
Stiles has completed several leases recently and we are cautiously optimistic about the market directly on Las Olas. We remain excited about the opportunity to see future business relocations to downtown.”
There is approximately 38,000 square feet of available space left, with rental rates ranging from $25 to $27 per square foot. The building was developed in 2002.
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