 By Brian Bandell, Senior Reporter, South Florida Business Journal
Shared workspace company Spaces and restaurant Del Frisco's Grille have signed leases at a new building under construction on Fort Lauderdale’s Las Olas Boulevard. These two companies recently signed leases at 501 at Las Olas Square, the expansion of the SunTrust Center. They would open in the fourth quarter, marking the first South Florida location for both companies. Steelbridge Capital acquired the 270,000-square-foot office building at 501 and 515 East Las Olas Blvd. for $90 million in 2016 and soon announced plans for $10 million in renovations. That work included the 45,000-square-foot annex called 501 at Las Olas Square, which is now fully pre-leased. “In less than two years since purchasing Las Olas Square, we are witnessing the realization of our vision to reposition this iconic asset located at the gateway to the Las Olas business district,” said Jay Caplin, managing principal of Steelbridge. “With the pre-leasing of the boutique asset to national, new-to-market tenants, we are confident that the remainder of our plans for this trophy project, including the comprehensive renovation and repositioning of the 17-story high rise tower, will offer the most modern, creative, and high-end office space delivered on Las Olas since 2002.” The 8,000-square-foot lease for Del Frisco's Grille was brokered by Jeffrey L. Evans, of Comras Co. on behalf of the landlord and Sara Wolfe of Koniver Stern Group for the tenant. Its only other Florida location is in Tampa. “Del Frisco’s Grill was the natural choice as it fits the criteria and direction from ownership and brought a new, unique, and high-quality restaurant environment to the South Florida market through a renowned national brand,” Evans said. In the Spaces lease of 31,796 square feet, Cushman & Wakefield’s Travis Herring, Deanna Lobinsky, Katherine Ridgway represented the landlord while JLL’s Jeff Heller, Gavin Macphail and Randy Carballo represented the tenant. Spaces rents workstations, offices, and meeting rooms in a social setting. “The Las Olas market has historically seen low vacancies and the renovation underway by Steelbridge at Las Olas Square provided an opportunity for Spaces, a brand that offers a dynamic work environment for professionals and growing businesses, to strategically expand their footprint in a distinct yet modern locale,” Herring said. SunTrust Bank will also have a 5,000-square-foot branch in the building. Stiles Construction is the general contractor. It was designed by Edge of Architecture. Apollo Global Management is a partner with Steelbridge in the project.
Cushman & Wakefield Has Negotiated ±25,000 Square Feet of Office Leases at Las Olas Square in 2017
FORT LAUDERDALE, FL — Cushman & Wakefield announced today that it has negotiated ±25,000 square feet of office leases at Las Olas Square in downtown Fort Lauderdale. This leasing activity coincides with the groundbreaking for owner Steelbridge’s extensive renovations and repositioning of the CBD office campus. 
The Cushman & Wakefield office leasing team of Executive Director Travis Herring, Executive Director Deanna Lobinsky, Director Katherine Ridgway and Associate Chase Kulp negotiated leases with Esquire Deposition Solutions, Raymond James & Associates and The A.D. Henderson Foundation on behalf of Steelbridge. The team also negotiated Cushman & Wakefield’s own expansion in the building.
Las Olas Square is a Downtown Fort Lauderdale office campus originally developed in 1992. It comprises SunTrust Center at Las Olas Square, a 17-story office tower at 515 East Las Olas Boulevard, and 501 at Las Olas Square, a ±50,000-square-foot, three-story mixed-use building at 501 East Las Olas Boulevard. The project also includes a five-story structured parking garage and offers 24-hour security, on-site banking, an on-site café and excellent views of the Atlantic Ocean and New River. Steelbridge has begun significant renovations at Las Olas Square, including the redevelopment and modernization of 501 at Las Olas Square. Steelbridge will refinish this building’s exterior with a clean, contemporary, all-impact glass facade while updating the lobby and interiors as well as mechanical and life-safety systems. The plaza between the tower and mixed-use building will be converted to an attractive urban square designed to serve as a gathering place for tenants and the general public. Steelbridge also plans to upgrade the lobby and common areas in SunTrust Center at Las Olas and make improvements to the connected parking garage. Views from a live construction camera are available on the property’s web site. Detailed information about each of the aforementioned leases can be found below: Esquire Deposition Solutions Herring, Lobinsky, Ridgway and Kulp negotiated the renewal of Esquire Deposition Solutions’ 8,092-square-foot lease at SunTrust Center at Las Olas Square in January. Atlanta-based Esquire Deposition Solutions is a global provider of legal deposition services with 12 offices throughout the state of Florida. The firm, which has been a tenant at Las Olas Square since 2011, renewed its lease on the 13th floor and is expected to make minor improvements to its existing space. Esquire Deposition Solutions was represented by Stone-Miller in the lease negotiations. Raymond James & Associates Herring, Lobinsky, Ridgway and Kulp negotiated the renewal of Raymond James & Associates’ 7,503-square-foot lease on the eighth floor of SunTrust Center at Las Olas Square in August. Raymond James is a diversified financial services firm, focused on providing trusted advice and tailored, sophisticated solutions for individuals and institutions. It employs 16 financial advisors and six support staff in this office. Executive Managing Director Todd Brandon and Executive Director Jeff Holding of Cushman & Wakefield represented Raymond James & Associates in the lease negotiations. Cushman & Wakefield In Septemer, Cushman & Wakefield expanded its presence at SunTrust Center at Las Olas Square from 2,000 square feet to 7,305 square feet. Herring, Lobinsky, Ridgway and Kulp represented Steelbridge in the lease negotiations. Cushman & Wakefield was self-represented by its tenant representation team of Executive Director Jeff Holding and Senior Director A.J. Belt. Cushman & Wakefield currently houses nine employees in 2,000 square feet on SunTrust at Las Olas Square’s eighth floor. The firm is expected to consolidate several local satellite offices and approximately 30 Broward County brokerage and support employees into the new space on the ninth floor by the end of the year. A.D. Henderson Foundation Herring, Lobinsky, Ridgway and Kulp negotiated the renewal of the A.D. Henderson Foundation’s 1,326-square-foot lease on the ninth floor of SunTrust Center at Las Olas Square in May. The A.D. Henderson Foundation was founded in 1959 by Alexander D. and Lucy E. Henderson and supports early learning and strives to improve the quality of education for children ages birth to five in both Broward County and Vermont. Additionally, Berkowitz Pollack Brant expanded on the 16th and 17th floors of SunTrust Center at Las Olas Square. Established in 1980, Berkowitz Pollack Brant is a certified public accounting firm with offices in Miami, Ft. Lauderdale, Boca Raton, West Palm Beach and New York. It is one of the largest accounting firms in South Florida and one of the top 100 firms in the United States. Berkowitz Pollack Brant employs 90 consultants, accountants, forensic specialists and other professionals in the SunTrust Center at Las Olas Square. Barabra Liberatore Black of JLL represented Berkowitz Pollack Brant in the lease negotiations. About Steelbridge Steelbridge is a Chicago- and Miami-based value focused real estate investor and real estate services provider, with special expertise in markets with high job growth and strong natural barriers to entry like Florida. It is dedicated to acquiring real estate — either through debt or equity or private or public markets — whose values have been temporarily discounted due to supply/demand imbalances in real estate capital, space or information markets and whose values can be significantly enhanced through redevelopment and repositioning. Please visit us at www.steelbridge.com. Construction Progress
For Further Information Contact:
Travis Herring Executive Director Cushman & Wakefield +1 954 377 0488 travis.herring@cushwake.com Media Contacts: David A. Meyer Meyer Media + 1 407 489 7488 david@meyer.media The Global Real Estate Services Firm will Consolidate its Broward County Operations in Steelbridge’s SunTrust Center at Las Olas Square   FORT LAUDERDALE, FL — Cushman & Wakefield announced today that it has expanded its presence in SunTrust Center at Las Olas Square, leasing 7,305 square feet on the ninth floor of the downtown office tower. Cushman & Wakefield’s office leasing team of Executive Director Travis Herring, Executive Director Deanna Lobinsky, Director Katherine Ridgway and Associate Chase Kulp negotiated the lease renewal on behalf of building owner Steelbridge. Cushman & Wakefield’s Executive Director Jeff Holding and Senior Director A.J. Belt represented Cushman & Wakefield. Cushman & Wakefield, a global real estate services firm, currently houses nine employees in 2,000 square feet on SunTrust at Las Olas Square’s eighth floor. Cushman & Wakefield is expected to consolidate several local satellite offices and approximately 30 Broward County brokerage and support employees into the new space by the end of the year. “This expansion in a premier location like Las Olas Square demonstrates Cushman & Wakefield’s commitment to Broward County and continued growth within the South Florida market,” said Larry Richey, Managing Principal and Florida Market Leader. “The move also promotes operational efficiencies by consolidating the bulk of our Broward County workforce under one roof and fostering the collaboration our firm values so much.” Added Herring, “Las Olas Square is the epicenter of Fort Lauderdale’s downtown renaissance. By positioning our offices here, we enhance our visibility and capability to serve our clients throughout the region.” Las Olas Square is a downtown Fort Lauderdale office campus originally developed in 1992. It comprises SunTrust Center at Las Olas Square, a 17-story office tower at 515 East Las Olas Boulevard, and 501 at Las Olas Square, a ±50,000-square-foot, three-story mixed-use building at 501 East Las Olas Boulevard. The project also includes a five-story structured parking garage and offers 24-hour security, on-site banking, an on-site café and excellent views of the Atlantic Ocean and New River. Steelbridge has begun significant renovations at Las Olas Square, including the renovation and modernization of 501 at Las Olas Square. Steelbridge will refinish this building’s exterior with a clean, contemporary, all-impact glass facade while updating the lobby and interiors as well as mechanical and life-safety systems. The plaza between the tower and mixed-use building will be converted to an attractive urban square designed to serve as a gathering place for tenants and the general public. Steelbridge also plans to upgrade the lobby and common areas in SunTrust Center at Las Olas and make improvements to the connected parking garage. “Steelbridge’s extensive renovations will only enhance Las Olas Square’s reputation as a critical structure in Fort Lauderdale’s growing skyline,” added Holding. “It is a wonderful center for our Broward County operations.” About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter. About Steelbridge Steelbridge is a Chicago- and Miami-based value focused real estate investor and real estate services provider, with special expertise in markets with high job growth and strong natural barriers to entry like Florida. It is dedicated to acquiring real estate — either through debt or equity or private or public markets — whose values have been temporarily discounted due to supply/demand imbalances in real estate capital, space or information markets and whose values can be significantly enhanced through redevelopment and repositioning. Please visit us at www.steelbridge.com. For Further Information Contact: Travis Herring Executive Director Cushman & Wakefield +1 954 377 0488 travis.herring@cushwake.com Jeff Holding Executive Director Cushnan & Wakefield +1 954 377 0512 jeff.holding@cushwake.com Media Contacts: David A. Meyer Meyer Media + 1 407 489 7488 david@meyer.media Travis Herring, Deanna Lobinsky, Katherine Ridgway and Chase Kulp Brokered an ±8,000-Square-Foot Renewal with Esquire Deposition Solutions in SunTrust Center at Las Olas Square  Construction Rendering for 501 East Las Olas Blvd. FORT LAUDERDALE, FLORIDA — Cushman & Wakefield announced today that it has negotiated an 8,092-square-foot office lease with Esquire Deposition Solutions in SunTrust Center at Las Olas Square. Cushman & Wakefield’s office leasing team of Executive Director Travis Herring, Executive Director Deanna Lobinsky, Director Katherine Ridgway and Associate Chase Kulp negotiated the lease renewal on behalf of building owner Steelbridge Capital. Esquire Deposition Solutions was represented by Stone-Miller. Atlanta-based Esquire Deposition Solutions is a global provider of legal deposition services with 12 offices throughout the state of Florida. The firm, which has been a tenant at Las Olas Square since 2011, renewed its lease on the 13th floor and is expected to make minor improvements to its existing space. Las Olas Square was developed in 1992 and is comprised of SunTrust Center at Las Olas Square, a 17-story office tower at 515 East Las Olas Boulevard, and 501 at Las Olas Square, a ±50,000-square-foot, three-story mixed-use building at 501 East Las Olas Boulevard. The project also includes a five-story structured parking garage and offers 24-hour security, on-site banking, an on-site café and excellent views of the Atlantic Ocean and New River. Steelbridge will soon begin significant renovations at Las Olas Square, upgrading the lobby and common areas in SunTrust Center at Las Olas as well as making improvements to the connected parking garage. Steelbridge also plans to fully renovate and modernize 501 at Las Olas Square. The owners will refinish the building exterior with a clean, contemporary, all-impact glass facade while updating the lobby and interiors as well as mechanical and life-safety systems. The plaza between the tower and mixed-use building will be converted to an attractive urban square designed to serve as a gathering place for tenants and the general public. “Esquire Deposition was extremely excited about being part of the new Las Olas Square for years to come,” said Herring. “The project’s renovations, prime location and new ownership were key elements in closing this transaction. About Steelbridge Capital
Steelbridge Capital is a Chicago- and Miami-based value focused real estate investor and real estate services provider, with special expertise in markets with high job growth and strong natural barriers to entry like Florida. It is dedicated to acquiring real estate — either through debt or equity or private or public markets — whose values have been temporarily discounted due to supply/demand imbalances in real estate capital, space or information markets and whose values can be significantly enhanced through redevelopment and repositioning. Please visit us at www.steelbridgecapital.com. For Further Information Contact: Travis Herring Executive Director Cushman & Wakefield +1 954 377 0488 travis.herring@cushwake.com Media Contact: David A. Meyer Meyer Media + 1 407 489 7488 david@meyer.media FORT LAUDERDALE, FLORIDA— Steelbridge Capital, in conjunction with Cushman & Wakefield, today announced that SunTrust Center, Steelbridge’s most recent acquisition spanning 270,000 square feet in a two-building Class A office/retail complex located in the center of Fort Lauderdale’s downtown famed Las Olas Boulevard, will undergo renovations and rebranding of a scale unseen during this economic cycle.  Construction Rendering of 501 East Las Olas Blvd. Cushman & Wakefield’s office leasing team of Executive Director Travis Herring, Executive Director Deanna Lobinsky, Director Katherine Ridgway and Associate Chase Kulp will assist Steelbridge Capital in rebranding, reintroducing and marketing the renowned Fort Lauderdale office complex. Steelbridge will rename the iconic asset Las Olas Square, a testament to its prominence in the region and position as a unique central square serving as the community epicenter for tenants and local residents alike in the bustling live/work/play corridor of Broward’s Central Business District. Las Olas Square is today comprised of SunTrust Center at Las Olas Square, a 17-story office tower at 515 East Las Olas Boulevard, and 501 at Las Olas Square, a three-story office and retail building at 501 East Las Olas Boulevard. The design of this central square is being led by Fort Lauderdale-based Threshold Landscape Architecture, with inspiration from the likes of renowned urban community spaces such as Copley Square and Quincy Market in Boston and Union Square and Rockefeller Center in New York. This urban square, replete with abundant seating and Wi-Fi, will provide a park-like setting with seating for tenants of Las Olas Square, as well as anticipated future cafés and ground floor restaurant spaces. Extensive improvements are also being planned at 501 at Las Olas Square, which, until Steelbridge Capital’s acquisition earlier this year, served as the regional headquarters for SunTrust Bank since the early 1970s. Coral Gables-based EofA has been engaged to completely redesign this three-story office property into a unique, boutique style mixed-use building that includes replacing the Brutalist-style concrete exterior in favor of a clean and contemporary, all-impact glass exterior that provides improved visibility and an enormous amount of natural light. Plans also include a new lobby, as well as all new interiors, mechanical and life-safety systems. SunTrust Bank will maintain a branch in a portion of the ground floor, leaving approximately 8,000 square feet of prime retail space fronting Las Olas Boulevard. This rare offering provides remarkable visibility, as well as soaring 18-foot ceiling heights and, along with seating in the central square, is ideally suited for a marquis restaurant. Miami Beach’s Comras Company has been retained to specifically market the restaurant/retail space in 501 at Las Olas Square. “Upon completion of the multi-million dollar renovation of 501 at Las Olas Square, this building will offer the most modern, creative and high-end office space delivered on Las Olas since 2002,” said Jay Caplin, Managing Principal of Steelbridge Capital. SunTrust Center at Las Olas Square will also receive significant common area and lobby renovations. The acclaimed architecture firm of CallisonRTKL will lead the redesign of the lobby, amenities and common areas with a focus on providing a timeless, contemporary design that is unlike any of the other nearby Class A office assets on Las Olas Boulevard. Improvements to Las Olas Square are scheduled to begin in April 2017. “We are taking what was good and returning it to great“, said Steelbridge Managing Principal, Michael Manno, “Las Olas Square will once again represent the best of what Las Olas has to offer — great restaurants, modern office spaces and, of course, spectacular views of the Atlantic, New River and surrounding CBD.” “This is a great example of new urbanism real estate,” said Gavin Campbell, Managing Principal at Steelbridge. “Las Olas has for some time needed a central community plaza that supports its emerging status as a 24-hour downtown, and we are delighted to provide that.” “Las Olas Square will cater to the discriminating tenant that demands a distinctive Las Olas address, along with a modern and innovative workplace,” added Herring. For Further Information Contact:
Jay M. Caplin Managing Principal Steelbridge Capital +1 305 374 1004 jcaplin@steelbridge.com Travis Herring Executive Director Cushman & Wakefield +1 954 377 0488 travis.herring@cushwake.com Media Contact: David A. Meyer Meyer Media + 1 407 489 7488 david@meyer.media Travis Herring, Deanna Lobinsky, Katherine Ridgway and Chase Kulp Were Named Exclusive Leasing Agents for Steelbridge Capital’s Iconic Downtown Office Complex  FORT LAUDERDALE, FLORIDA, — Cushman & Wakefield announced today that it has been named exclusive leasing agent for SunTrust at Las Olas Square, an iconic 270,000-square-foot, two-building Class A office complex located in the core of downtown Fort Lauderdale on prestigious Las Olas Boulevard. The office leasing team of Executive Director Travis Herring, Executive Director Deanna Lobinsky, Director Katherine Ridgway and Associate Chase Kulp were selected to lease the building by owner Steelbridge Capital, which acquired the asset in July. SunTrust at Las Olas Square was developed in 1992 and is comprised a 17-story office tower at 515 East Las Olas Boulevard and a ±50,000-square-foot, three-story annex at 501 East Las Olas Boulevard. The complex also includes a five-story structured parking garage and offers 24-hour security, on-site banking, an on-site café and excellent views of the Atlantic Ocean and New River. Major tenants in the building include SunTrust Bank, Raymond James Wealth Management, Holland and Knight, as well as Berkowitz, Dick, Pollack and Brant. Steelbridge will soon begin significant renovations at SunTrust Center, upgrading the lobby and common areas in 515 East Las Olas as well as making improvements to the connected parking garage. Steelbridge also plans to fully renovate and modernize the annex building at 501 East Las Olas. The modernization will include re-skinning the exterior and a complete retrofit of the interior space. The plaza between the tower and annex building will be converted to an attractive outdoor common area designed to serve as a gathering place for tenants and the general public. “Our team is very excited to be a part of Steelbridge’s vision for the future of this asset,” said Herring. “The planned improvements will reposition SunTrust Center as the newest and most modern office product in downtown Fort Lauderdale.” “The updated annex building will be a hub of modern innovation,” added Lobinsky. “It will feature technology and ground-floor retail amenities that are highly desirable in downtown office markets.” Visit us on Instagram: @LasOlasSquareFL & Twitter: @LasOlasSquare About Steelbridge Capital Steelbridge Capital is a value focused real estate investor and real estate services provider, with special expertise in markets with high job growth and strong natural barriers to entry like Florida. It is dedicated to acquiring real estate — either through debt or equity or private or public markets — whose values have been temporarily discounted due to supply/demand imbalances in real estate capital, space or information markets and whose values can be significantly enhanced through redevelopment and repositioning. Please visit us at www.steelbridgecapital.com For Further Information Contact:
Travis Herring Executive Director Cushman & Wakefield +1 954 377 0488 travis.herring@cushwake.com Media Contact: David A. Meyer Meyer Media + 1 407 489 7488 david@meyer.media |
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KATHERINE RIDGWAY | TRAVIS HERRING | CHASE KULP
Cushman & Wakefield of Florida, LLC.
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+1 954 938 2600
Cushman & Wakefield of Florida, LLC.
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Fort Lauderdale, Florida 33301
+1 954 938 2600
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The depiction in the included photograph of any person, entity, sign, logo or property, other than Cushman & Wakefield’s client and the property offered by Cushman & Wakefield, is incidental only, and is not intended to connote any affiliation, connection, association, sponsorship or approval by or between that which is incidentally depicted and Cushman & Wakefield or its client. This listing shall not be deemed an offer to lease, sublease or sell such property; and, in the event of any transaction for such property, no commission shall be earned by or payable to any cooperating broker except if otherwise provided pursuant to the express terms, rates and conditions of Cushman & Wakefield’s agreement with its principal, if, as and when such commission (if any) is actually received from such principal. (A copy of the rates and conditions referred to above with respect to this property is available upon request.)