Downtown Ft. Lauderdale’s Tower 101 Fetches $28.7M

Banyan Street Partners, led by Rudy Touzet, has paid $28.7 million for the two-building Tower 101, located at 101 NE Third Avenue in Fort Lauderdale, according to a press release.

The asset consists of a six-story building built in 1986 with a 20-percent occupancy and a 19-story building built in 2001 with a 90-percent occupancy. The two buildings, joined through a common lobby, total 230,238 square feet.

The seller was CAPROC in coordination with lender Principal Life Insurance.

CBRE marketed the property on behalf of the seller and put together the financing package for the buyer through Sabadell United Bank, which provided a loan of more than $19 million.

Attorney Jason Post of Stearns Weaver represented Banyan Street and attorney Stuart Kapp of Proskauer Rose represented CAPROC.

Source:  SFBJ