Stiles Realty announced today that Guarantee Insurance has signed a five-year lease expansion for 21,000 square feet of office space at the 408,079-SF Las Olas City Centre in downtown Ft. Lauderdale. This makes the 23 story mixed-use class A office building 89% leased, one of the highest office building occupancy rates on Las Olas Boulevard. The total value of the lease is in excess of $4.5 million.
Guarantee Insurance is expanding from their current 7,000-SF office space and bringing in more than 50 new employees to occupy the space. Norm Adams and Liz Glaria of Stiles Realty represented the ownership in lease negotiations, while Jim Cahlin of Cushman & Wakefield represented Guarantee Insurance. Las Olas City Centre is home to a variety of well-known quality tenants, such as Bank of America, UBS and Greenberg Traurig, among others.
“We are especially pleased to continue our relationship with Guarantee Insurance, a strong and exceptionally well respected insurance carrier,” said Norm Adams, Stiles Director of Real Estate. “This lease represents not only a commitment to downtown Ft. Lauderdale and the building, but also a commitment for the business itself. 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.”
“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,” said Steve Mariano, president of Guarantee Insurance’s Ft. Lauderdale Office. “Our ability to make this happen in the current environment also demonstrates the financial strength and stability of Guarantee Insurance.”
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