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Stream Realty Partners Facilitates Premier Lease Renewal For Long-Time Client In Downtown Fort Lauderdale

March 6, 2024/in Done Deals, News/by SFOBA STAFF

Stream Executive Managing Director Greg Katz and Senior Vice President Carlyle Coffin facilitated the transaction on behalf of the tenant. Tim Talbot and Andy Ackerman of Comreal represented the building owner, DWS.

REPORT: Renewals Dominate List Of Top 100 Office Leases

February 12, 2024/in News, Trends/by SFOBA STAFF

The report also inferred that companies are wanting higher quality space in better locations to provide “additional motivation for employees to work from the office more often.”

Stream Realty Partners Facilitates Premier Lease Renewal For Long-Time Client In Downtown Fort Lauderdale

March 6, 2024/in Done Deals, News/by SFOBA STAFF

REPORT: Renewals Dominate List Of Top 100 Office Leases

February 12, 2024/in News, Trends/by SFOBA STAFF

The report also inferred that companies are wanting higher quality space in better locations to provide “additional motivation for employees to work from the office more often.”

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Stream Realty Partners Facilitates Premier Lease Renewal For Long-Time Client In Downtown Fort Lauderdale

March 6, 2024/in Done Deals, News/by SFOBA STAFF

Stream Realty Partners represented Gunster, a full-service corporate law firm, in the renewal of its corporate office lease at Las Olas Centre, located in the heart of Downtown Fort Lauderdale.

The 11-year lease renewal encompasses approximately 22,000 square feet of office space, further solidifying Gunster’s commitment to the Fort Lauderdale market and its legacy building. Las Olas Centre, located at 450 E. Las Olas Boulevard, offers unparalleled access to abundant amenities and represents a cornerstone of the Downtown Fort Lauderdale submarket.

“We are delighted to extend our lease at Las Olas Centre, a location that has served as a vital hub for our operations in Broward County,” said Jonathan Osborne, Gunster’s Fort Lauderdale Office Managing Shareholder. “Stream’s expertise and commitment to excellence have been instrumental in facilitating this transaction, and we look forward to continuing our successful partnership.”

Stream Executive Managing Director Greg Katz and Senior Vice President Carlyle Coffin facilitated the transaction on behalf of the tenant. Tim Talbot and Andy Ackerman of Comreal represented the building owner, DWS.

“This significant lease renewal underscores both Stream’s and Gunster’s steadfast dedication to the Fort Lauderdale market,” said Coffin. “Las Olas Centre has served as Gunster’s home for almost two decades, and we are proud to continue supporting their presence in this premier location.”

Katz added, “This renewal also highlights our commitment to serving law firms nationwide. With a track record of representing hundreds of law firms across the United States, our South Florida team remains dedicated to delivering exceptional service and value to our clients.”

REPORT: Renewals Dominate List Of Top 100 Office Leases

February 12, 2024/in News, Trends/by SFOBA STAFF

Existing office leases are being renewed at high rates and new leases are mostly going to Class A or Class A+ space, according to a new report from CBRE that analyzes the top 100 lease signings in 2023.

CBRE’s report showed that 58% of those leases – by number and by square footage – were renewals of expiring leases for the same space.

As for the flight to quality, 84% of new leases sought those accommodations.

The average lease size is down 12% from a year ago and government buildings had the most presence on the list with 19, topping last year’s highest category, finance & insurance, which accounted for 13 of the top leases. Technology had 11 and legal had 10.

Mike Watts, CBRE President of Americas Investor Leasing, said in prepared remarks that companies “are striving for the most efficient use of their space as they adapt to hybrid work, and they’re often choosing to do so in the best-quality space.”

He said another dominant trend was “containing costs amid an uncertain economic outlook.”

The report also inferred that companies are wanting higher quality space in better locations to provide “additional motivation for employees to work from the office more often.”

The Northeast and Pacific regions accounted for most of the top 100 leases by total square footage, according to CBRE. Manhattan, Silicon Valley, and New Jersey had a combined share of 41%.

The six largest shares of the top 100 by square footage were claimed by coastal markets, including Manhattan.

Source: GlobeSt.

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Stream Realty Partners Facilitates Premier Lease Renewal For Long-Time Client In Downtown Fort Lauderdale

REPORT: Renewals Dominate List Of Top 100 Office Leases

Stream Realty Partners Facilitates Premier Lease Renewal For Long-Time Client In Downtown Fort Lauderdale

REPORT: Renewals Dominate List Of Top 100 Office Leases

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Stream Realty Partners Facilitates Premier Lease Renewal For Long-Time Client In Downtown Fort Lauderdale

REPORT: Renewals Dominate List Of Top 100 Office Leases

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