Fort Lauderdale Office Tower Fetches $117 Million
CBRE has arranged the sale of One Financial Plaza in Ft. Lauderdale.
The 282,883-square-foot office tower is located at 100 Southeast 3rd Avenue, just steps from the heart of Downtown Fort Lauderdale’s Las Olas District.
Alliance Partners HSP purchased the fully renovated office tower for $117 million.
The property recently underwent a comprehensive $8 million renovation including a new lobby, security desk, fitness center, conference center, upgrades to elevator landings and restrooms, and elevator modernization. A $2 million overhaul to the exterior of the building is on-going including the relocation of the primary building entrance to the eastern side of the building along Financial Plaza Drive, expanding the exterior facade to increase the lobby area and add 2,500 square feet of new retail space, enhanced building signage above the lobby entrance, and installing new pavers and sidewalks along the entire length of Financial Plaza Drive.
“One Financial Plaza has been among the most desirable office buildings in the CBD,” said John Osborne, Senior Vice President at Crocker Partners. “With the recent capital improvements that position is enhanced for the long-term.”
CBRE Capital Markets Vice Chairman Christian Lee and Executive Vice President José Lobón facilitated the sale on behalf of Crocker Partners.
“One Financial Plaza features a highly attractive core-plus business plan, providing strong in-place cash flows while offering significant upside potential. The largest tenants at the Property, leasing at least a whole floor, feature 7.8 years of weighted average lease term, while near-term upside is afforded via the lease-up of 26,861 sq. ft. of currently vacant space and the roll-to-market of 82,011 SF of leases expiring over the first 5 years.” explained Lobón.
“The exterior renovations and the to-be-constructed multi-family will dramatically improve the sense of arrival and overall appeal of One Financial Plaza,” added Lee.
The CBRE Capital Markets team also included Senior Vice President Amy Julian, with CBRE’s Debt & Structured Finance, and Senior Financial Analyst Andrew Chilgren.
