New ownership plans to spend north of $10 million in capital improvements to the property throughout 2022, including renovations to the lobby areas, corridors, and restrooms of Tower I, II and III. Additionally, they will be enhancing tenant amenities with a conference center, lounge, and state-of-the-art gym.
The seller, a joint venture, purchased the property and excess development land in 2016 for $90 million and executed an extensive redevelopment and re-tenanting of this iconic Ft. Lauderdale asset.
The complex is 90 percent leased to 40 tenants from a variety of industries including healthcare, law, finance and engineering.
The three Class-A office buildings total 222,682 square feet.
The 304,408-square-foot portfolio was 64 percent leased at the time of sale.
CBRE’s Christian Lee, Chris Riley, José Lobón, Amy Julian, and Royce Rose represented Butters in the transaction.
Christian Lee, José Lobón and Marcos Minaya of CBRE Capital Markets, and Jay Adams with Newmark represented the seller, Encore Capital Management, in the transaction.
The deal equates to about $318 a square foot for the nearly 243,000-square-foot complex.
The 240,669-square-foot building was 95% leased at the time of the sale.
CBRE Senior Vice President Larry Genet, Executive Vice President Tom O’Loughlin , Executive Vice President Jose Lobón, Vice Chairman Christian Lee and Senior Associate Jake Zebede represented Brookfield Asset Management in the purchase