Douglas Elliman Assumes Miami Office Lease Agreement

On December 20, 2024, Douglas Elliman Inc. entered into a significant agreement regarding the assumption of an office lease. The company, based in Miami, Florida, signed the fourth amendment to the office lease agreement with Vector Group Ltd. and Frost Real Estate Holdings, LLC. This agreement entails the transfer of all obligations and rights under an existing office lease agreement dating back to September 10, 2012.

The newly assumed lease agreement includes a five-year term extension lasting through April 30, 2028. This extension pertains to a 12,390 square foot office space located at 4400 Biscayne Boulevard, Miami, Florida. As part of the deal, Douglas Elliman Inc. deposited $176,142.00 with the landlord as a security deposit.

The terms of the agreement stipulate that the company will be paying a base rent of $44,035.41 per month until April 30, 2025, inclusive of operating expenses, property taxes, and general parking expenses. Following this initial lease period, the rent will see a 3.25% increase each subsequent year until the agreement’s expiration in 2028. Notably, the lease agreement does not provide for early termination by the company or offer additional renewal extensions.

Approval for this amendment was secured from the Audit Committee of the Company’s Board of Directors, as the company’s significant shareholder, Dr. Phillip Frost, beneficially owns more than 5% of its capital stock.

For a detailed understanding of the agreement, reference should be made to the full text of the fourth amendment and the lease agreement, a copy of which is available as Exhibit 10.1 in the Current Report on Form 8-K filed by Douglas Elliman Inc.

In compliance with reporting requirements, the company has duly submitted this report, signed by J. Bryant Kirkland III, the Executive Vice President, Secretary, Treasurer, and Chief Financial Officer, on December 27, 2024.

The filing also includes Exhibit 104, which houses the Cover Page Interactive Data File embedded within the Inline XBRL document.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Douglas Elliman’s 8K filing here.

Douglas Elliman Company Profile

Douglas Elliman Inc owns Douglas Elliman Realty, LLC, operating as a residential brokerage company in the United States with operations in New York, Florida, California, Texas, Colorado, Nevada, Massachusetts, Connecticut, Maryland, Virginia and Washington, DC In addition, Douglas Elliman sources, uses and invests in early-stage, disruptive property technology (“PropTech”) solutions and companies and provides other real estate services, including development marketing, property management and settlement and escrow services in select markets.