Franklin Templeton Leases 80,448 Square Feet at Stiles’ 300 Las Olas Place
Firm To Occupy Stiles’ Former HQ in One of 2009’s Largest Commercial Real Estate Deals In Fort Lauderdale
FORT LAUDERDALE, Fla. – In a year-end new lease marking one of the largest Fort Lauderdale commercial real estate transactions of 2009, Stiles today announced that Franklin Resources, Inc., (NYSE:BEN), the global investment management organization known as Franklin Templeton Investments, has signed a lease for 80,448 square feet at 300 Las Olas Place in downtown Fort Lauderdale.
Under a 10-year lease, Franklin Templeton will occupy a major portion of Stiles’ current corporate headquarters building, according to Tom Kates, president of Stiles Realty. The investment management firm will relocate its 350 employees from its current downtown Fort Lauderdale office location. Kates said that in turn, Stiles will relocate to a neighboring building it owns, 301 E. Las Olas Boulevard.
Gary Motyl, chief investment officer of Templeton Global Equity Group, commented, “It was important to us to find a location in downtown Fort Lauderdale with enough space to accommodate our current staff and allow us to provide our employees with a more modern and efficient layout.”
Stiles also will gain greater operational efficiencies with its move, according to Chairman and
CEO Terry Stiles. While Stiles will occupy nearly equivalent square footage, their new space will
be designed in line with the company’s current and future needs.
“Franklin Templeton has been a downtown Fort Lauderdale mainstay, as has our firm,” Stiles said. “With this transaction, we are both looking to the future and maintaining the downtown presence that is so important to our companies.”
The 10-story, 300 Las Olas Place building met Franklin Templeton’s need with features such as highly efficient 20,000-square-foot floor plates and hurricane/impact resistant glass. Motyl added, “another major consideration in choosing the new location is that the building recently received gold level Leadership in Energy and Environmental Design (LEED™) certification under the Green Building Rating System™ of the U.S. Green Building Council. Kates, who represented Stiles, worked closely with Franklin Templeton’s internal facilities and real estate staff the past five months to complete the transaction.
About Franklin Resources, Inc.
Franklin Resources, Inc. [NYSE:BEN] is a global investment management organization operating as Franklin Templeton Investments. Franklin Templeton Investments provides global and domestic investment management solutions managed by its Franklin, Templeton, Mutual Series, Fiduciary Trust, Darby and Bissett investment teams. The San Mateo, CA-based company has more than 60 years of investment experience and over $539 billion in assets under management as of November 30, 2009. A Fortune 500 company, Franklin Templeton has offices in over 30 countries.
About Stiles and Stiles Realty
Stiles Realty provides leasing and sales services for commercial retail, office and industrial space. One of Florida’s largest real estate brokerages, Stiles Realty secures suitable tenants and buyers for its numerous listings. In 2009, Stiles Realty leased over one million square feet of retail and commercial space, for the company’s own portfolio and third-party clients. Stiles is a full-service commercial real estate firm with a clear mission: Invest, Build and Manage. The company’s services include acquisitions, financing, development, design, construction, repositioning, realty, leasing and property management. Stiles is currently responsible for the leasing and management of 6.2 million square feet of office, industrial, retail and mixed-use residential projects throughout Florida. Headquartered in Fort Lauderdale, the company has additional regional offices in Miami, Tampa, Ft. Myers, Jacksonville and Orlando, Florida. For more information, please visit www.stiles.com or call 954-627-9300.