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Grover Corlew Pays Nearly $70M for Fort Lauderdale Office Tower
Grover Corlew acquired 200 East Broward, a 21-story, 235,211-square-foot Class A office tower in downtown Fort Lauderdale, for $69.7 million. Banyan Street Capital was the seller. Banyan and Oaktree Capital Management bought the tower in 2017 for $81.5 million.
Grover Corlew plans to invest an additional $20 million in improvements to the property over the next two years.
Renovations will include the full modernization of the building’s elevator and main lobby, the addition of an amenity deck with a gym and conference facilities, and best-in-class tenant finishes.
JLL served as the selling broker, with Hermen Rodriguez and Ike Ojala handling the sale. JLL’s Paul Stasaitis handled the debt financing. BridgeInvest provided financing.
The acquisition adds to Grover Corlew’s investments throughout Broward County. In Fort Lauderdale, the firm is developing Mayla Cypress, a 312-unit luxury apartment community in the city’s Uptown Urban Village, within the Cypress Creek business corridor.
- ◦Sale/Acquisition
