By Timea Papp
Stiles Realty arranged a seven-year lease at New River Center, a Class A, 287,043-square-foot office building in Downtown Fort Lauderdale, Fla. The tenant, Woodforest National Bank, will bring 15 employees to its new commercial lending office.
The Stiles Realty advisory team led by Senior Vice President Norm Adams and Associate Danielle Story represented the landlord, PGIM Real Estate, while Glenn Gregory, managing director at Transwestern, worked on behalf of the tenant in the lease negotiations. This will be the Texas-based financial institution’s first location in South Florida. The new office build-out is slated for completion in July, and Woodcrest will operate a temporary office in the building until the move.
Located at 200 E. Las Olas Blvd., New River Center is an Energy Star-rated office tower with pending LEED Certification. The 20-story property was constructed in 1990 and features on-site security, a covered parking garage with 647 spaces, full-service bank and restaurant. New River Center underwent renovations including the installation of extensive exterior lighting, and ownership is planning further upgrades to the building lobby.
The move provides Woodcrest with direct Las Olas exposure and proximity to area nightlife, culture and entertainment. The tower is within walking distance of several retail venues and the local courthouse. It is easily accessible from I-595, I-95, US-1 and is a short drive away from Fort Lauderdale/ Hollywood International Airport and Port Everglades.
“Demand for downtown space is growing due to its proximity to national financial services tenants as well as its proximity to retail, entertainment and restaurants on the main thoroughfare. There is a trend toward maximizing office space with smarter designs to move to an urban downtown setting,” said Adams, in a prepared statement.