Stiles & Shorenstein Nail Down $185 Million Refi for Fort Lauderdale Office Tower

A joint venture between Stiles and Shorenstein Investment Advisors has successfully obtained $185 million in financing for The Main — a 25-story, premier office space in Fort Lauderdale, Fla. Provided by the Japanese financial services firm Nomura, the senior floating-rate loan was brokered by a JLL capital markets team consisting of Paul Stasaitis, Geoff Goldstein and Blake Koletic.

Located at 201 E. Las Olas Blvd., this LEED Gold-certified asset encompasses a total of 1.4 million square feet, including 387,401 square feet of leasable office space. The property is designed as a core “live/work/play” destination, offering immediate walking access to the city’s most exclusive high-street retail, luxury residential towers and high-end dining.

The Main has enjoyed full occupancy for several years, hosting a prestigious roster of financial institutions and law firms, including JPMorgan Chase and Raymond James. On the ground floor, the building features popular dining anchors Moxies and Fogo de Chao. To maintain its competitive edge, the tower provides a comprehensive amenity package, including secured VIP parking, a large conference center, a fitness center with locker rooms, an apartment-style amenity deck and tenant lounges.

The property was developed on a 2.7-acre site that remains under the ownership of the state-run Broward College. This latest round of financing follows a $204 million construction loan originally provided by Blackstone in 2018.

The deal comes at a time when the local investment sales market has shown signs of softening. Notably, Deutsche Bank’s asset management arm recently offloaded two adjacent office complexes with minimal profit margins, selling them for nearly the same price as they were purchased for approximately 10 years ago.

“The emergence of discerning lenders like Nomura readily available to provide capital solutions for office-owner clients represents a welcome evolution within the office sector,” Stasaitis said.

According to a representative for the firm, this transaction represents the first single-asset, single-borrower loan issued by Nomura since it relaunched its U.S. credit platform last year. A key component of that platform’s restructuring included the strategic hiring of Larry Kravetz, who previously served as the head of CMBS finance at Barclays.