Blog Elements

Half Sized Blog Element (Single Author Style)

Half Sized Blog Element (Multi Author Style)

New Office Building Planned In Hollywood

February 23, 2025/in News/by SFOBA STAFF

This development targets South Florida’s many smaller businesses, which often seek compact office spaces.

Class AA Office Tower Trades Hands In Broward’s Second $200M+ Transaction In Two Days

February 16, 2025/in Done Deals, News/by SFOBA STAFF

Lone Star Funds announced that an affiliate of Lone Star Real Estate Fund VII, L.P., along with an affiliate of Highline Real Estate Capital LLC and Square2 Capital LLC, acquired the asset, marking the most significant office acquisition in Broward County in the past decade.

New Office Building Planned In Hollywood

February 23, 2025/in News/by SFOBA STAFF

This development targets South Florida’s many smaller businesses, which often seek compact office spaces.

Class AA Office Tower Trades Hands In Broward’s Second $200M+ Transaction In Two Days

February 16, 2025/in Done Deals, News/by SFOBA STAFF

Full Sized Blog Element (Big Preview Pic)

New Office Building Planned In Hollywood

February 23, 2025/in News/by SFOBA STAFF

A new office building featuring small suites is being planned along Interstate 95 in Hollywood.

BSD 23 Development LLC, led by Avihu Nahari from Aventura, has submitted an application for a 41,000-square-foot property at 2910 Polk Street. The proposal was scheduled to be reviewed by the city’s Technical Advisory Committee on February 18. The developer purchased the empty lot for $2.5 million in 2023.

The proposed structure would span 61,492 square feet across four floors and include a separate five-story parking garage with 220 spaces. The office levels would consist of individual suites, varying from 232 to 1,500 square feet, equipped with shared restrooms on each floor. A cafeteria would also be available on the ground level.

This development targets South Florida’s many smaller businesses, which often seek compact office spaces. The project’s design comes from Itamar Goldenholz of Goldenholz & Associates in Sunrise.

Situated on the east side of I-95, just north of the Hollywood Boulevard exit, the site is in an area with few nearby office buildings.

A recent Colliers report for the fourth quarter shows Hollywood’s office market with an 8% vacancy rate and an average rental price of $36.39 per square foot. The market saw a positive uptake of 9,713 square feet in the same period, with no ongoing office construction in Hollywood. Notably, the only significant office development in Broward County is currently happening in downtown Fort Lauderdale.

Class AA Office Tower Trades Hands In Broward’s Second $200M+ Transaction In Two Days

February 16, 2025/in Done Deals, News/by SFOBA STAFF

On Thursday, CRE-sources reported the $208 million trade of 350/450 East Las Olas, the largest transaction in a decade… until Friday.

On Friday, Lone Star Funds announced that an affiliate of Lone Star Real Estate Fund VII, L.P., along with an affiliate of Highline Real Estate Capital LLC and Square2 Capital LLC, has acquired 401 East Las Olas Boulevard, marking the most significant office acquisition in Broward County in the past decade.

CBRE’s Institutional Office Group, led by Vice Chairman Christian Lee and Vice President Sean Kelly, represented the seller, a global investment manager. CBRE’s Debt & Structured Finance Group, led by Vice Chairmen Tom Traynor and Tom Rugg, Senior Vice President Amy Julian, and First Vice President Andrew Chilgren, represented the buyer in sourcing acquisition financing. The CBRE team also included Director Adam Spengler, Senior Associate Tom Rappa, Associate Henry Fenmore, and Financial Analyst Matthew Lee.

“Office properties in Fort Lauderdale’s CBD have thrived in the 2020’s, with strong absorption, sharp rent growth and declining vacancies. This is particularly true for top tier assets, which have outperformed because of an escalating flight to quality,” said Lee.

“With soaring construction costs and a dearth of remaining development sites in the Las Olas corridor, future supply will be tightly constrained and will result in continued strong rent growth for the area,” added Kelly.

The transaction closed February 13. While the terms were not disclosed, sources close to the deal reported the sale price to be in the neighborhood of $220 million, equating to more than $535 per square foot.

The 23-story, 410,561-square-foot Class AA office and retail tower—also known as Bank of America Plaza at Las Olas City Centre—sits on a full city block in the heart of Fort Lauderdale’s Las Olas Financial District. The property is home to a premier tenant roster, including Bank of America, Greenberg Traurig, Boies Schiller Flexner, Motorola Solutions, and UBS.

“We see a unique opportunity to invest in high-quality office assets that are among the best in their competitive set,” said Jérôme Foulon, Global Head of Commercial Real Estate at Lone Star. “The South Florida office market has strong underlying fundamentals, driven in part by in-migration trends and return-to-work mandates. At the same time, since new developments have all but stopped in recent years, some markets are experiencing shortages of office space in quality assets.”

“This acquisition represents our confidence in high-quality, well-located office assets that continue to demonstrate strong leasing fundamentals,” said David Moret, President of Highline Real Estate Capital. “401 has maintained an average occupancy of 94 percent since its inception and is positioned to continue to benefit from the evolving office market.”

Jay Caplin, Principal at Square2 Capital, added “with our previous repositioning success at 501 & 515 Las Olas Boulevard, we are confident we can amplify 401’s position as one of the most sought-after office towers in the state. Planned improvements will build upon 401’s status as the most amenitized office property in downtown Fort Lauderdale, featuring six on-site restaurants, a fitness center, and full-service banking.” Square2 Capital will manage the property for the new owner under the direction of Principal Mike Manno.

Half Sized Blog Element (Single Author Style)

Half Sized Blog Element (Multi Author Style)

New Office Building Planned In Hollywood

Class AA Office Tower Trades Hands In Broward’s Second $200M+ Transaction In Two Days

New Office Building Planned In Hollywood

Class AA Office Tower Trades Hands In Broward’s Second $200M+ Transaction In Two Days

Full Sized Blog Element (Big Preview Pic)

New Office Building Planned In Hollywood

Class AA Office Tower Trades Hands In Broward’s Second $200M+ Transaction In Two Days

Subscribe!

Contact Us

Contact Us

Subscribe!