A prominent 21-story office tower in downtown Fort Lauderdale has changed hands, with its new owner planning extensive upgrades to reposition the property in an increasingly competitive office market. The acquisition adds to a growing portfolio of South Florida investments.
Grover Corlew transformed the previously aging Class C campus positioned in the heart of Boca Raton into a modern, Class A office location with more than $30 million in renovations.
The building, which dropped to a low of 62% leased during the pandemic, now stands at 97% occupied with a diversified tenant roster comprising 43 tenants in 15 distinct industries.
The center was 92% occupied at the time of sale.
In addition to his role as NAIOP South Florida President, Corlew has served on NAIOP boards at both the regional and national levels and remains actively involved in industry conferences and community development initiatives.
The project replaces a formerly underutilized office property and aligns with the City of Fort Lauderdale’s long-term vision for Uptown Urban Village, which is aimed at bringing more residences and mixed-use development to the area near the Cypress Creek Tri-Rail Station and Fort Lauderdale Executive Airport.
The leases total just over 30,000 square feet.
The company will now occupy the entire top floor of 1489 W. Palmetto Park Road, totaling 30,000 square feet.
Grover Corlew anticipates immediately breaking ground with completion expected by May 2027.
The financing was provided by City National Bank of Florida.
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