FORT LAUDERDALE, FL-In a market where some buildings are postingvacancy rates higher than 60%, Guarantee Insurance inked afive-year lease expansion spanning 21,000 square feet of officespace at the Las Olas City Centre downtown. The total value of thelease exceeds $4.5 million.

Norm Adams, director of Real Estate, and Liz Glaria, a leasingassociate at Stiles Realty, represented the ownership in leasenegotiations. Jim Cahlin, a senior director at Cushman &Wakefield, represented Guarantee Insurance. A partnership betweenStiles and Shorenstein Company owns the building. Stilesadministers the leasing and property management for thebuilding.

Guarantee is expanding from 7,000 square feet of office space atthe mixed-use project. With the Guarantee expansion, the 23-story,408,079-square-foot Las Olas City Centre is 89% leased. That givesthe trophy building bragging rights as one of the highest officebuilding occupancy rates on Las Olas Boulevard. Las Olas CityCentre is also home to Bank of America, UBS and GreenbergTraurig.