FORT LAUDERDALE, FL-UBS Financial Services has signed a 20,000-sf lease at Las Olas City Center in Downtown. The value of the lease was not disclosed, but it is estimated to be at least $3.1 million.UBS Financial Services will occupy most of the penthouse space on the 23rd floor. The value of the long-term lease is based on the rental range of $19.74 triple net to $25 triple net for the building, according to Costar, a system that lists property data.The company is relocating to the space at 401 Las Olas Blvd. from 1 E. Broward Blvd. at a time when financial services firms have been migrating to Las Olas Boulevard, according to Mitchell Millowitz, a broker involved in the transaction. Millowitz, senior director of commercial brokerage, and Thomas A. Dean, director of commercial brokerage for Cushman & Wakefield, represented UBS Financial Services. UBS Financial Services is a unit of the global financial services firm UBS. The 408,549-sf Las Olas City Center was completed in late 2002. Other major tenants in the building, which 5th Avenue Partners owns, are Price Waterhouse Cooper, Bank of America and the law firm Greenberg Traurig.

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