Slate Office REIT is planning to buy Cypress Financial Center in Fort Lauderdale for $45.5 million.

The Toronto-based REIT announced it will buy the 201,305-square-foot office building at 5900 North Andrews Avenue for $226 per square foot. Steelbridge CFC LLC, tied to Miami-based Steelbridge Capital, is the seller.

The acquisition is expected to be completed in the second quarter, according to a press release.

The property last sold for $32.5 million in 2014, records show.

Rents at the property are currently 14.5 percent below market, according to the release.

Cypress Financial Center is currently 92.5 percent occupied, with tenants such as City National Bank, Marcus & Millichap, TD Bank, and Altadis.

JLL’s Hermen Rodriguez, Matthew McCormack and Ike Ojala marketed the property for sale.

Slate Asset Management is a real estate focused alternative investment platform with over $6.5 billion in assets under management.

Source:  The Real Deal