Stiles Realty announced today that Valley National Bank has signed a 10-year lease deal at Stiles’ corporate headquarters located at 301 East Las Olas Blvd. in the heart of the downtown Fort Lauderdale financial district.
The financial institution and its more than 30 employees will occupy 3,600 square feet of prime ground floor bank space, which features an ATM directly on Las Olas Blvd., as well as 4,000 square feet of second floor office space for its wealth management and commercial lending operations.
Stiles Realty Senior Vice President Norm Adams represented the landlord in the transaction while Richard Kaufman, of Strategic Realty, represented the tenant.
“This move allows us to offer our clients enhanced services as well as all of the conveniences Las Olas Blvd. has to offer while positioning our brand in the center of the financial district,” said Rudy Schupp, Executive Vice President at Valley National Bank.
Valley National Bank will relocate from a former branch on South Federal Highway in Ft. Lauderdale. The move provides the bank with direct Las Olas exposure, covered parking and proximity to area nightlife, culture and entertainment. The bank space build-out is underway with a slated October opening.
“The deal further fortifies the financial district on Las Olas,” commented Adams. “This corner is highly desirable because of its access to retail, entertainment, restaurants and key financial services firms.”
Adams commented that lease rates on Las Olas have reached all-time highs, but he does not believe they are at their peak.
“The Las Olas corridor has very few options for new market entries. We expect additional rate growth due to the tightening market,” added Adams.
The Plaza at Las Olas features a manicured brick-paved drive around a central fountain, 24-hour security, elegant lobby with high-end finishes and hurricane glass. The property is surrounded by parking and is within walking distance to some of Fort Lauderdale’s most popular dining, entertainment and nightlife, including: YOLO restaurant; Vibe nightclub; FAU; Broward College; Broward Center for the Performing Arts; Fort Lauderdale Art Museum; and more.
In the center of six million square feet of commercial office and mixed-use space, the Plaza at Las Olas is immediately accessible to a daytime population of over 63,000 people. Over 2,200 new residential units are in development within a one-mile radius. Easily accessible from I-595, I-95 and US-1, The Plaza at Las Olas is within a ten-minute drive of Fort Lauderdale/Hollywood International Airport and Port Everglades.
About Stiles: Stiles is a full-service commercial real estate firm with a clear mission: Invest. Build. Manage. Stiles services include development, construction, tenant improvement, realty, property management, architecture, acquisitions and financing. Headquartered in Fort Lauderdale, Stiles maintains regional offices in Miami, Fort Myers, Tampa and Orlando, Florida, and has a development office in Charlotte, North Carolina. Stiles is responsible for more than 43 million square feet of office, industrial, retail and mixed-use residential projects throughout the southeastern United States. For more information, please visit http://www.stiles.com or call 954-627-9300.
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