Las Olas City Center Reaches 99% Occupancy

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FORT LAUDERDALE, FL—Downtown Fort Lauderdale’s office market is extremely competitive, but Bank of America Plaza at Las Olas City Centre (LOCC) has found a way to keep the lease momentum rolling. Indeed, the office plaza has inked more than 115,000 square feet in leases this year.

“LOCC has found an effective market niche with tenants that thrive on the building’s amenities and location on Las Olas Boulevard,” Norm Adams, director of leasing for Stiles, tells GlobeSt.com. “We’re drawing major banks and financial service firms, law firms, trendy cafes, high-end restaurants and retail tenants who all enjoy having both professional and residential targets at their doorstep.”

Located at 401 East Las Olas Boulevard, the 408,079-square foot office tower is now 99% leased. Recent deals include Bank of America, Boies, Schiller & Flexner, BBX Capital Corporation, Patriot National Insurance expansion, Farlie & Turner, and Subway and Offerdahl’s renewals on the ground floor.

Stiles developed the class A 23-story office and retail building. Institutional investors advised by JP Morgan Asset Management bought the tower for $164 million last year. The building features a five-story 1,042 space parking garage and a pedestrian-friendly high volume plaza with direct frontage on Las Olas Boulevard. LOCC is Energy Star rated and has won Building of the Year from the Building and Managers Association.

Adams reports the Las Olas office space market is very tight. There is less vacancy on Las Olas than an cluster in Downtown Fort Lauderdale, he says, evidenced by the fact that Las Olas has enjoyed a 5% vacancy while the greater CBD is around 23%.

“At the end of the second quarter Las Olas had about 200,000 square feet of vacancy up to approximately 10% while greater CBD had over 900,000 square feet of vacancy,” Adams says. “And of the 200,000 square feet vacant, over half of it is isolated to one building. Las Olas City Centre is the only high rise tower to achieve 99%. There is a flight to quality in this market and a desire to be amongst the largest corporate players.”