Joint venture partners Stiles and Shorenstein Investment Advisors have landed $185 million in financing for The Main, an office tower in downtown Fort Lauderdale.
Nomura provided the senior floating loan, with JLL brokering it.
The trophy asset features 14-foot slab-to-slab floors and 12-foot floor-to-ceiling glass. Plus, an amenity package is included, which consists of a conference center, a covered terrace, tenant lounges, a fitness center, parking for VIPs and two restaurants.
This live, work and play experience is designed to fit the downtown community of Fort Lauderdale, which has benefited from the wealth migration, according to JLL. Since 2020, the city has increased its population by 27,000 residents or 38 percent.
“The emergence of discerning lenders like Nomura readily available to provide capital solutions for office-owner clients represents a welcome evolution within the office sector,” Paul Stasaitis of JLL said in a statement.
“In this instance, The Main stands as the premier office asset in Fort Lauderdale, supported by equally exceptional, top-tier sponsorship. Consequently, the financing terms procured were commensurate with the exceptional caliber of both the property and its esteemed sponsors.”
The Main was first delivered in 2020 and has remained fully occupied now for years. Some major tenants at the property include JPMorgan Chase and Raymond James. The roster also includes top law firms and financial institutions.
As GlobeSt. reported recently, the Sunbelt office market is starting to heat back up, according to comments made by Richard Hickson, executive vice president of operations at Cousins Properties, during a conference call. This helped drive the company's leasing volume 65 percent higher in the third quarter versus the previous three months. Highwoods Properties and Piedmont Realty Trust saw similar results, with strong office performances in the Sunbelt.
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