German software company to open South Florida office

MEDIA CONTACT: Levy Public Relations

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A multinational software company based in Germany plans to open a dedicated South Florida office.

IGEL Technology signed a long-term lease for 12,403 square feet of space in Bank of America Plaza, at 401 E. Las Olas Blvd. in Fort Lauderdale. Move-in is slated for the second quarter of this year.

Blanca Commercial Real Estate’s Christina Jolley, Andrew Ackerman and Kevin Carrasco represented the landlords. IGEL opted not to bring in an outside broker.

Financial details were not disclosed.

The new lease means IGEL will shift its South Florida operations from a coworking space elsewhere in Fort Lauderdale to a dedicated office of its own in the city.

A staff headcount was not immediately available, and IGEL did not return a Business Journal inquiry for additional information by deadline.

The company is best known for the specialized operating system it offers to businesses that can be used to streamline IT workflows, enable hybrid work and access cloud computing options. IGEL has 201-500 employees in total, according to company figures.

Bank of America Plaza traded hands last February, when Highline Real Estate Capital and Square2 Capital, both of Miami, joined with Dallas-based Lone Star Funds to acquire it for $221 million. The office tower spans 410,561 square feet and dates back to 2003.

One of two downtown Fort Lauderdale trades north of $200 million, it came in at No. 6 on the Business Journal’s list of South Florida’s 10 biggest commercial real estate sales of 2025.

The new owners have a comprehensive revamp of the building underway, including a redesigned lobby, new fitness center and upgraded tenant lounge, among other amenities. Completion is scheduled for the third quarter of this year.

Ground-floor retail includes seven food and beverage options, plus a Barry’s Bootcamp gym.

“401 East Las Olas has been thoughtfully reimagined to align with how today’s tenants want to work,” said Jolley. “These enhancements position the building as a standout along the Las Olas corridor and a place where companies are excited to be.”

In recent years, Fort Lauderdale has lagged behind Miami and West Palm Beach in rent growth for offices. There has also been relatively little new office development in Fort Lauderdale in the past few years, in contrast to other parts of South Florida, especially West Palm Beach.

Still, Fort Lauderdale continues to attract companies that want to take advantage of the coastal city’s central location in the tri-county region and less expensive prices.

The average direct asking rate for Class A office space in the Broward County urban core was $56.97 per square foot in the fourth quarter of last year, according to Colliers’ latest market report. Compare that to $70.30 per square foot in Miami-Dade County and $69.43 per square foot in Palm Beach County.

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