Law Firm Signs Long-Term Lease for 9K SF in Fort Lauderdale
By Mark Hallum June 8, 2022 1:28 pm
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Law firm Stok Kon + Braverman finalized an 11-year, 9,285-square-foot lease transaction at 1 East Broward Boulevard in Fort Lauderdale, Fla.
Stok Kon + Braverman has been subleasing space in the building as its main offices since 2019, and have now signed on as primary tenants. The firm chose the location in 2019 for its proximity to transportation and amenities, according to the landlord, NAI/Merin Hunter Codman.
“Creating a welcoming, safe and convenient office space experience for their employees was of utmost importance, as most of the firm’s employees returned to in-person work post initial lockdowns,” NAI/Merin Hunter Codman’s Adam Starr said in a statement.
The 19-story, 350,000-square-foot office building nestled between the Las Olas and City View sections of Fort Lauderdale was purchased by NAI/Merin Hunter Codman in 2018 for $108.5 million, according to property records. It has since had renovations made to the lobby, common area, lighting and bathroom, making it a Class A asset.
Stok Kon + Braverman also operates a satellite office at 639 East Ocean Avenue in Boynton Beach. The firm practices real estate law, commercial litigation, bankruptcy and immigration law. And they are not the only law firms in their new building, with Meldon Law occupying space along with Next Level Marketing.
Merin Hunter Codman declined to provide the asking rent or name the brokers involved in the deal.
The office leasing market in Fort Lauderdale has made a slow return from the lows of 2020 and 2021 with available space over 20,000 square feet declining by 18 percent throughout the last quarter of 2021 and first quarter of 2022, according to a report from Avison Young.
Rent growth was slower in Fort Lauderdale than in Miami and West Palm Beach, where some landlords raised rent by as much as $10 in the first quarter, per Avison Young. In Fort Lauderdale, overall rental rates grew by 2 percent to $37.21 in the first quarter.
Net absorption for Fort Lauderdale in the first quarter clocked at about 169,633 square feet, according to Avison Young.
‘Mark Hallum can be reached at mhallum@commercialobserver.com.
