Stigliano Negotiates Full Floor Lease At Fort Lauderdale’s Port Royale Financial Center
Reese Stigliano, president of Stigliano Commercial Real Estate announced that Keefe, McCullough & Co., LLP has renewed its lease for the entire 14,393-square-foot fourth floor at Fort Lauderdale’s Port Royale Financial Center.
Stigliano represented the tenant, one of the largest CPA firms in South Florida, in negotiating the $2.1 million, 12-year extension. Stigliano has represented the firm since 1992 when they initially leased a portion of the 4th floor at Port Royale, located at 6550 N. Federal Highway. The final negotiation included a six-figure tenant improvement allowance, and several expansion and renewal options.
According to Stigliano, office rents in Fort Lauderdale metro have posted an average annual gain of 5.2% over the last three years. Vacancies average 8% which are below the national average of 10% for Class A office space. There is 1.6 million SF of new construction underway representing a 2.3% expansion of the existing inventory. Over the last three years, only 776,000 SF has been delivered or a cumulative inventory expansion of 1.1%
“What this lease renewal does is provide the tenant with long term stability on their cost of occupancy in a prestigious Class A office building. Also, this allows the tenant to focus on growing their core business without worrying about outgrowing their space and having to relocate in a very tight real estate market.” said Reese.
Reese Stigliano is a recognized leader in the South Florida commercial real estate market and brings over 35 years of experience in commercial real estate to Stigliano Commercial Real Estate. As president, he focuses on land sales, investment sales and office leasing.
