Downtown Ft. Lauderdale Office Asset Trades for $41M
The 342,465-square-foot property is currently 42 percent leased and is subject to a long-term ground lease owned by New York Life Insurance Co.
By Timea Papp
110 East Broward
CBRE’s Capital Markets team has brokered the sale of the leasehold interest in a 24-story office tower and an adjacent two-story office and retail pavilion in downtown Fort Lauderdale, Fla. Facilitated by Ten-X, special servicer LNR Property Corp. sold the assets through auction to Stockbridge Capital Group in a $41.1 million deal.
Located at 110 E. Broward Blvd., the buildings encompass 342,465 rentable square feet and were constructed in 1981. The 304,411-square-foot office building underwent renovations in 1999. According to Yardi Matrix, New York Life Insurance Co. owns the ground lease on the property, with a remaining 88-year term scheduled to expire in 2105.
Competitive market
LNR Senior Vice President John Mitchel Sr. retained Vice Chairman Christian Lee, Senior Vice President José Lobón and Vice President Amy Julian to oversee the transaction. The team included Financial Analyst Andrew Chilgren, Senior Vice President Chris Gallagher and Ian Cosman, property manager with CBRE’s Asset Services team.
“The property is currently 42 percent leased, representing an exceptional value-add opportunity by the lease-up of 198,803 square feet (58 percent) of vacant space in a market where the competitive set vacancy is just eight percent,” Lobón explained in prepared remarks. “The property is well designed, highly functional and is ideally positioned to capture a disproportionate share of the strong leasing velocity in the submarket on a go-forward basis.”
Image courtesy of CBRE
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