News

Steelbridge Capital saw an opportunity in SunTrust Center and acquired the institutional quality two-building Class A office complex spanning 270,000 square feet at 501 and 515 East Las Olas Boulevard in Ft. Lauderdale, Fla. in June 2016. Less than two years later, the comprehensive multimillion-dollar rebranding and renovations implemented by Steelbridge have already yielded an extraordinary return on investment. The property’s 45,000-square-foot annex, dubbed 501 at Las Olas Square (www.lasolassquare.com), is fully leased to national tenants – Amsterdam-born workspace pioneer, Spaces, Del Frisco’s Grille, and SunTrust Bank – prior to construction completion.

“In less than two years since purchasing Las Olas Square, we are witnessing the realization of our vision to reposition this iconic asset located at the gateway to the Las Olas business district,” said Jay Caplin, Managing Principal of Steelbridge. “With the pre-leasing of the boutique asset to national, new-to-market tenants, we are confident that the remainder of our plans for this trophy project, including the comprehensive renovation and repositioning of the 17-story high rise tower, will offer the most modern, creative, and high-end office space delivered on Las Olas since 2002.”

The renovation of 501 East Las Olas Boulevard includes the creation of a newly landscaped and hardscaped plaza at the center of the complex that will be enjoyed by tenants and visitors alike. Designed by Threshold Landscape Architecture of Ft. Lauderdale, which drew inspiration from the likes of renowned urban community spaces such as Copley Square in Boston and Union Square in New York, the result is a rare urban park setting that will be enjoyed by restaurant patrons and tenants alike. “We hope our plaza will become a kind of Town Square for the Las Olas visitor and tenant community,” said Mike Manno, Managing Principal of Steelbridge.

Based on the design by Coral Gables-based Edge of Architecture, Stiles Construction took the 501 at Las Olas Square building down to its concrete shell and since has focused on executing a comprehensive ground-up redevelopment of the property into a unique, boutique-style mixed-use building that includes 13,000 square feet of retail space and 32,000 square feet of office space. Upon completion, the new development will exude a clean and contemporary style with an all impact glass exterior that provides improved visibility, 18’ ceilings on the ground floor and an enormous amount of natural light.

It wasn’t long before Jeffrey L. Evans, Senior Director – Retail Leasing, with Miami Beach’s Comras Company, secured the first South Florida location – and only the second in Florida – of Del Frisco’s Grille. The restaurant, a Del Frisco’s Restaurant Group concept, is self-defined as “The New American Bar and Grill,” and will take 8,000 +/- square feet on the ground floor with a targeted opening date of fourth quarter 2018. Sara Wolfe, a broker with Koniver Stern Group, represented Del Frisco’s Grille. SunTrust Bank’s 5,000 square foot branch will round out the remaining space on the ground floor of 501 at Las Olas Square.

“Ownership had a very clear vision for the type of tenant to anchor the ground floor of 501 Las Olas Square: a nationally-branded restaurant concept that brings a unique energy to match the rebranded and renovated space within the property while maintaining an attractive lunch and dinner price-point for business patrons along with the area’s growing residential base,” said Evans. “Del Frisco’s Grill was the natural choice as it fits the criteria and direction from ownership and brought a new, unique, and high-quality restaurant environment to the South Florida market through a renowned national brand.”

Above the fashionable eatery will be Spaces’ new flexible workspace. Occupying 31,796 square feet – the full second and third floors of 501 at Las Olas Square – Spaces aims to redefine the way work is done, cultivating a community of thinkers, achievers, and imagineers. Cushman & Wakefield’s office leasing team of Travis Herring, Deanna Lobinsky, Katherine Ridgway, and Chase Kulp represented Steelbridge in the new-to-market long-term transaction with a targeted opening date of fourth quarter 2018. Jeff Heller, executive vice president with JLL, along with Gavin Macphail and Randy Carballo, represented Spaces.

“Our team has been targeting the type of tenant that reflects the distinction and prestige that a Las Olas address brings, coupled with the modern and innovative approach to the 501 at Las Olas Square renovation,” added Herring. “The Las Olas market has historically seen low vacancies and the renovation underway by Steelbridge at Las Olas Square provided an opportunity for Spaces, a brand that offers a dynamic work environment for professionals and growing businesses, to strategically expand their footprint in a distinct yet modern locale.”

SunTrust Center at Las Olas Square, a 17-story office tower located at 515 Las Olas, is also undergoing significant common area and lobby renovations under the direction of acclaimed architecture firm CallisonRTKL. By the end of 2018, the redesign of the lobby, amenities and common areas with a focus on providing a timeless, contemporary design that is unlike any of the other nearby Class A office assets on Las Olas Boulevard is anticipated to be completed. The building was acquired in 2016 by Steelbridge and an investment fund managed by Apollo Global Management, LLC.