Rare Steakhouse Signs Ten-Year Lease for Former Bova Spot

By Deirdra Funcheon Fri., Nov. 19 2010 at 10:10 AM

Categories: Openings/Closings

We've told you before that a steakhouse called Rare was set to move into the former home of Bova Prime on swanky Las Olas Boulevard in Fort Lauderdale -- but now we have the deets on the lease.

CentraArchy Restaurant Management, which operates 20 eateries in multiple Southeastern states (including New York Prime in Boca Raton), must be optimistic about the economy, because

the company took on a ten-year lease for the space on the ground floor of the 23-story Las Olas City Centre at 401 East Las Olas Boulevard.

The building is owned in partnership by Stiles Realty and Shorenstein Company. The price was not disclosed, but rates for the building are usually $25 to $27 per square foot. Doing the straight math for Rare's 6,631 square feet of space would equal a base of $165,775 per ~~month~~ year in rent. But Insiders were tight-lipped about any discounts or deal that had been reached and would not disclose the exact amount.

Norm Adams, Director of Real Estate for Stiles Realty, said that the deal shows "Las Olas is a hot area that has continued to succeed in spite of the market...Stiles has completed several leases recently and we are cautiously optimistic about the market directly on Las Olas."

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