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201 E Las Olas BLVD, Fort L...

CBRE's Kevin McCarthy Represents Tenant In Fort Lauderdale Office Lease Deal
LEASEDOffice

CBRE's Kevin McCarthy Represents Tenant In Fort Lauderdale Office Lease Deal

201 E Las Olas BLVD, Fort Lauderdale...

Building Size

10,950 SF

Asset Type

Office

Closing

Nov 20, 2023

AI

The Main Las Olas in Fort Lauderdale, a 25-story Class A mixed-used building totaling 1.4 million square feet, has facilitated a 10,950-square-foot office lease for Shutts & Bowen LLP. The property, located at 201 E Las Olas Blvd, boasts a prime location in downtown Fort Lauderdale and offers amenities such as a conference center, tenant lounge, amenity deck, covered terrace, and state-of-the-art fitness center.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: Not provided
  • Tenant's Rep: Kevin McCarthy (CBRE)
  • Landlord: LOC3 Investors LLC

CBRE's Kevin McCarthy, along with Zach Wendelin and Kevin Probel, represented Shutts & Bowen LLP in the lease negotiations. The tenant, Shutts & Bowen LLP, will be relocating more than 30 employees to the 22nd floor of The Main Las Olas in early 2023. The move is part of the firm's strategy to enhance its office environment and continue to grow and thrive in Fort Lauderdale. Shutts & Bowen's Managing Partner, Joseph M. Goldstein, expressed excitement about the new office space and emphasized the belief in Fort Lauderdale's potential for growth.

Players

Kevin McCarthy

JLL

Broker

$122.2M

vol

15 deals

Broker
CBRE
CBREBrokerage

Fort Lauderdale Office Market Snapshot

Boundary boundary · Office · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93