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.

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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.

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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.

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“This lease represents not only a commitment to downtown Ft.Lauderdale and the building, but also a commitment for the businessitself," says Adams. "This positions Guarantee Insurance with aspace that allows for growth so they can remain in the building anda part of our highly valued tenant mix for years to come.”

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Stiles developed Las Olas City Centre in 2002. Located at 401East Las Olas Boulevard, the building is an office and retailcomplex with a five-story 1,042 space parking garage, and apedestrian-friendly entry plaza that opens onto the high-volumelobby.

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“This move demonstrates our long-term allegiance to downtown Ft.Lauderdale and enables us to bring together employees across ourfinancial services spectrum to better serve our clients,” saysSteve Mariano, president of Guarantee Insurance’s Ft. LauderdaleOffice. In a sign of economic recover, Guarantee is alsoadding 50 new employees at its Ft. Lauderdale offices.

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With the Guarantee expansion, about 38,000 square feet ofavailable space remain at Las Olas City Centre. Rental ratesranging from $25 to $27 per square foot. Cahlin could not bereached for comment on any concessions involved in GuaranteeInsurance expansion deal.

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