Tag Archive for: las olas centre

Chicago Firm Picks Up West Palm Office Building

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Chicago-based Bradford Allen Investment Advisors has made its second splash in the South Florida office market with its purchase of One Clearlake Centre office tower from Rockpoint Group for $45 million, according to property records provided by Vizzda.

The company intends to invest an additional $10 million into refurbishing the property, which currently has a 62% occupancy rate, as part of a value-add strategy.

The 221,000-square-foot building was purchased in 2021 for $60.7 million by Rockpoint Group in partnership with Tricera Capital, NDT Development, and New England Development. Despite efforts, occupancy has remained stagnant, resulting in a nearly 26% loss on the recent sale.

Built in 1986 and located at 250 South Australian Avenue in downtown West Palm Beach, the building will receive a new roof, updated elevators, a renovated fitness and conference center, a tenant lounge, and food service upgrades. Bradford Allen also plans to introduce four move-in-ready spec suites in 2025.

Current tenants include Truist Bank, Ideal Nutrition, and Robert Half.

The leasing for the building will be managed by Tower Commercial Real Estate, led by Jon Blunk and Laurel Oswald.

While One Clearlake has struggled, newer properties like One Flagler — opened in February and 95% leased — reflect strong demand for modern office space. According to CBRE, Class A office buildings in the West Palm Beach central business district have a low direct vacancy rate of 2.8%.

“There is significant potential in repositioning One Clearlake,” said Blunk. “Like other urban cores, downtown West Palm Beach is seeing strong demand for premium office space as top-tier companies move in.”

Earlier this year, Bradford Allen made its entry into South Florida with a $208 million purchase of Las Olas Centre I and II in Fort Lauderdale, the city’s largest office sale in nearly ten years. That building was 69% occupied, and the firm plans a $25 million renovation.

CBRE’s Sean Kelly, Amy Julian, Andrew Chilgren, Tom Rappa, and Mathew Lee represented the seller in the transaction.

 

Source:  Bisnow

Stream Realty Partners Facilitates Premier Lease Renewal For Long-Time Client In Downtown Fort Lauderdale

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Stream Realty Partners represented Gunster, a full-service corporate law firm, in the renewal of its corporate office lease at Las Olas Centre, located in the heart of Downtown Fort Lauderdale.

The 11-year lease renewal encompasses approximately 22,000 square feet of office space, further solidifying Gunster’s commitment to the Fort Lauderdale market and its legacy building. Las Olas Centre, located at 450 E. Las Olas Boulevard, offers unparalleled access to abundant amenities and represents a cornerstone of the Downtown Fort Lauderdale submarket.

“We are delighted to extend our lease at Las Olas Centre, a location that has served as a vital hub for our operations in Broward County,” said Jonathan Osborne, Gunster’s Fort Lauderdale Office Managing Shareholder. “Stream’s expertise and commitment to excellence have been instrumental in facilitating this transaction, and we look forward to continuing our successful partnership.”

Stream Executive Managing Director Greg Katz and Senior Vice President Carlyle Coffin facilitated the transaction on behalf of the tenant. Tim Talbot and Andy Ackerman of Comreal represented the building owner, DWS.

“This significant lease renewal underscores both Stream’s and Gunster’s steadfast dedication to the Fort Lauderdale market,” said Coffin. “Las Olas Centre has served as Gunster’s home for almost two decades, and we are proud to continue supporting their presence in this premier location.”

 

Katz added, “This renewal also highlights our commitment to serving law firms nationwide. With a track record of representing hundreds of law firms across the United States, our South Florida team remains dedicated to delivering exceptional service and value to our clients.”

 

Las Olas Abuzz With Activity

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Las Olas Centre has a new owner and the boulevard is getting a new Class A office building.

Deutsche Asset & Wealth Management’s (formerly RREEF Real Estate)  real estate investment business snapped up 350 and 450 East Las Olas Boulevard in Fort Lauderdale on behalf of one of its clients.

Financial terms of the deal were not disclosed.

A victim of the economic meltdown, the two towers faced a $219 million foreclosure in 2009, ironically after signing a series of lease renewals. It was 95% occupied at the time.

“Las Olas Centre is a great addition to our portfolio,” says Todd Henderson, head of Real Estate for the Americas at DeAWM. “We believe Las Olas Centre is the premier office asset in the market with exceptional amenities including its retail tenancy.”

In 2010, the two-building office complex spanning 469,353 square feet in the Las Olas corridor, sold for $170 million. San Antonio-based USAA Real Estate Company affiliates US Republic Core Fund and US Premier Office Equities purchased the towers from BF Las Olas, LLC, an entity of Wachovia/Wells Fargo about four years ago.

“Our view is that the buildings’ improvements and central location in the Fort Lauderdale CBD will continue to attract top tier tenants at market leading rents—positioning the property to deliver strong long term returns for our client,” says Henderson. The property offers office and retail space in Fort Lauderdale’s Central Business District.

Las Olas Centre occupies about 3.4 acres and 600 feet of frontage on Las Olas Boulevard. Certified LEED Gold with the U.S. Green Building Council, the project is one of very few options for trophy quality class A office space in a desirable location due to walking distance to shopping, restaurant and entertainment precincts, as well as proximity to airports, highways, and executive housing.

Just a few blocks away, the One West Las Olas office building in downtown Fort Lauderdale got an $8.67 million construction mortgage from Branch Banking & Trust Co.

The bank made the loan to One West LOA LLC, which is managed by attorneys Jeffrey Ostrow and Brian Kopelwitz. They are the managing partners of Kopelowitz Ostrow P.A., which will be the anchor tenant in the 40,000-square-foot “Class A” office building.

Stiles Construction is the general contractor for the project at 13 West Las Olas Blvd., along South Andrews Avenue.

The six-story building will break ground in May.

 

Source:  GlobeSt.