BY JULIA ECHIKSON -- APRIL 27, 2022 6:45 PM
Fort Lauderdale is finally getting some love from financial firms.
JPMorgan Chase signed a 15,054-square-foot lease at The Main Las Olas office tower in Downtown Fort Lauderdale, landlords Shorenstein and Stiles Corporation announced.
The bank is now temporarily stationed inside a Regus location less than a mile away at the Las Olas Square complex, which Stephen Ross' Related Companies and CP Group bought for $145 million last month.
JPMorgan Chase plans to relocate to The Main Las Olas next year, Simon Levine, managing director and head of the Southeast region for JPMorgan's private bank, told Insider. The bank aims to grow the office to 40 employees by 2025, up from just 15 now.
The firm already has offices in Palm Beach, an island town that at least 33 billionaires call home, and in Brickell, Miami's financial district.
Over the past two years, financial firms have largely neglected Fort Lauderdale. They've instead opted to open offices in West Palm Beach, thanks to its proximity to Palm Beach, and in Miami, which boasts an emerging tech scene.
JPMorgan Chase is bucking the trend and wants to tap into Fort Lauderdale's high-net-worth population, which grew during the pandemic as Northerners relocated down south. "Proximity does matter," Levine said.
The Main Las Olas is located at 201 East Las Olas Boulevard, adjacent to Southeast Third Avenue.
The 25-story property, completed last year, offers 387,402 square feet of office space and is now 93 percent leased, according to its owners. Other tenants include industrial powerhouse Prologis, which occupies just under 5,000 square feet, and Synovus Bank, which took 22,226 square feet.
Asking rates for the remaining vacant offices range between $48 and $50 triple net.
A representative for the landlord declined to divulge the length of JPMorgan's lease. Danet Linares of Blanca Commercial Real Estate represented Shorenstein and Stiles Corporation. CBRE's Zach Wendelin and Chase Deuschle, who represented the tenant, did not immediately respond to a request for comment.
Julia Echikson can be reached at Jechikson@commercialobserver.com.
JPMorgan Chase To Open First Permanent Office in Fort Lauderdale
Posted on 4/28/2022