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Two Notable Towers Trade in Fort Lauderdale
Bradford Allen Investment Advisors acquired the Las Olas Centre I & II office complex in downtown Fort Lauderdale for $208 million.
RREET Property Trust, under the DWS Group umbrella, sold the 470,810 square feet of office and retail space at 350 and 450 E. Las Olas Blvd.
The S. Florida Business Journal reports this is the first time a Fort Lauderdale office building has sold for over $200 million in nearly a decade. Las Olas Centre LLC last traded for $204 million in 2014.
The offices were developed in 1997. They are 69% occupied.
Bradford Allen said it would spend $25 million to upgrade Las Olas Centre. Those improvements will include renovations to the lobby, conference rooms, fitness center and outdoor space.
In another large office transaction, Lone Star Real Estate Fund VII, along with Highline Real Estate Capital LLC and Square2 Capital, acquired the 23-story 401 East Las Olas Boulevard. The seller and price were not disclosed.
- ◦Sale/Acquisition
