Tag Archive for: one financial plaza

Fort Lauderdale Office Tower Heads Toward Foreclosure After Missing Repayment Deadline

/in /by

The 274,000-square-foot One Financial Plaza office building in Downtown Fort Lauderdale inched closer to the auction block this month.

Trimont, acting as special servicer on a $61.5M collateralized loan obligation tied to the property, filed a foreclosure complaint Aug. 12 against Alliance HP. The vertically integrated real estate firm not only owns One Financial Plaza but also has one of its two U.S. offices at the property at 100 SE Third Ave.

In the suit, filed in Florida’s 17th Judicial Circuit for Broward County, the lender argued the appointment of a receiver was necessary because Alliance HP has been collecting rent payments but not making required debt service payments.

“The Defendant has continued to collect the revenues and profits from the Property, while the payments due to Plaintiff under the Mortgage have not been paid,” unnamed attorneys from Holland & Knight representing Trimont wrote in the suit. 

Judge John Bowman granted the motion Tuesday, appointing Chris Neilson, president of Trigild Florida, to act as receiver for the debt settlement. The lawsuit was identified and distributed by property intelligence platform Vizzda.

The special servicer alleges in the suit that Alliance HP has defaulted on $61M in fees and costs, including $59M in unpaid principal after the debt matured and an additional $2M in default interest, which the suit says continues to accrue at a 5% rate.

 

Source:  Bisnow

TCRE And Alliance HP Complete 17 Office Leases At Fort Lauderdale’s One Financial Plaza

/in , /by

TCRE, a full-service commercial real estate brokerage in South Florida, announced 17 lease transactions in 2022 totaling approximately 52,000 square feet at One Financial Plaza, a 283,000-square-foot, 28-story Class A office tower located at 100 SE 3rd Ave. in the Central Business District of Downtown Fort Lauderdale.

The leases, which include six new-to-market tenants, two market relocations and numerous lease renewals and expansions, bring the building to over 92 percent occupancy. Laurel Oswald, Jon Blunk and Cristina Glaria of TCRE exclusively represent the landlord, Alliance HP. The building is professionally managed by CP Group.

“The market is changing; With numerous new residential towers on the north side of downtown, the brokers in the market and their tenants are recognizing the convenience of our location, and the building’s top-notch amenities including the Tower Club continue to make One Financial Plaza the destination of choice,” stated Ira Bergstein, Director of Leasing, Alliance HP.

 

“Leasing activity was largely driven by the building’s extensive amenity offerings as well as the Landlord’s hands-on approach and focus on delivering the best possible tenant experience at the building,” added Laurel Oswald, executive director, TCRE.

The new-to-market leases include the following:

  • STEMCOR, a British steel trading and distribution company, has leased 3,465 RSF; Represented by Adam Talbot, CRESA.
  • AGI Capital has leased 2,091 RSF; Represented by AJ Belt and Jeff Holding, Cushman Wakefield.
  • RVM Enterprises has leased 3,465 RSF; Represented by Steve Hyatt, Berger Commercial.
  • Rockwave Capital, a New York-based investment firm, has leased 1,262 RSF.
  • Xplore Group, relocating from Miami, has leased 1,065 RSF; Represented by Walter Robinson, Robinson Commercial.
  • Meirowitz & Wasserberg, LLP, a New-York-based personal injury law firm, has leased 1,694 RSF.

 

Two notable in-market relocations include:

  • Oppenheimer, a global full-service brokerage and investment bank, has leased the full 21st floor totaling 11,213 RSF (in-market relocation); Represented by Adam Bernstein and Barbara Black, JLL.
  • Silverman Schermer law firm has moved its office at 401 E. Las Olas Blvd. to occupy 3,400 RSF; Represented by Kim Barbar, Stiles.

 

TCRE has also secured 22,452 RSF of renewals and expansions for existing tenants. These include:

  • Cohen Blostein & Ayala PA has expanded and renewed 5,414 RSF; Represented by Mark Goldstein, Jasper Realty.
  • Advanced Recovery Systems (ARS) has renewed 7,800 RSF; Represented by Thomas Capocefalo, Savills.
  • Insperity HR Solutions has renewed 4,725 RSF; Represented by Zach Wendelin, CBRE.

 

One Financial Plaza is a landmark building in the heart of downtown Fort Lauderdale. Originally constructed in 1972, the building has completed a multi-million-dollar renovation program. The ground floor lobby and retail spaces have been modernized, and the east building entrance was completely redesigned. A high-end fitness center and conferencing facilities add to the daily comforts and conveniences, and the exclusive Tower Club located on the top floor boasts sweeping views of downtown and the Atlantic Ocean, a fine dining restaurant, bar and lounge, meeting rooms and event space.

The office tower is conveniently located two blocks from Las Olas Boulevard, a shopping, dining and cultural destination with a plethora of restaurants within walking distance from the property. The building offers easy access to US-1, I-95 and I-595 and is minutes from the Fort Lauderdale/Hollywood International Airport and Fort Lauderdale’s Brightline train station.

 

Fort Lauderdale Office Tower Fetches $117 Million

/in , /by

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.

 

May Recap – Downtown Fort Lauderdale Riding Wave of New Development

/in , /by

Special thanks to Laurel Oswald, Jon Blunk and Joody Andre at Tower Commercial Real Estate for a great lunch, some amazing views and a super presentation by Jenni Morejon of the Downtown Development Authority. Tower hosted our May 11 meeting at the Tower Club at One Financial Plaza.

If you missed the presentation, shame on you. The good news is that we have Jenni’s presentation here on the blog.  The bad news is that I wasn’t able to save you a piece of cheesecake.

Some of the highlights:

Over $2 Billion in post-recession investment is either planned, completed or under construction in the CBD. This includes the new 750,000 sf County Courthouse, 11,200 residential units, 1.5 million sf of office, 433,000 sf of retail and 1,200 hotel rooms. In addition, the new wave streetcar project is in the works with service to start in 2020.

While supply will be increasing with the new development, strong demand has driven residential rental rates up by 40% over the past five years and Class-A office rental rates are up by $4 over the past 12 months.

We are looking forward to more on the CBD market next month when Stiles presents details on their new downtown mixed use project.

 

One Financial Plaza Fetches $87 Million

/in , /by

Crocker Partners sold a 28-story office tower in downtown Fort Lauderdale to an affiliate of Walton Street Capital for $86.75 million.

Records show Crocker affiliate One Financial Plaza LLC sold the building at 100 Southeast Third Avenue to W-Crocker Fin Place Owner VIII LLC, which is controlled by Doug Welker, principal of asset management at Walton Street Capital, a private equity firm based in Chicago. The buyer financed the deal with a $61.23 million loan from SunTrust.

The deal marks the first large sale of an office building in Fort Lauderdale this year. It breaks down to about $314 per square foot.

The 276,572-square-foot Class A office building was built in 1972, and was originally known as the Landmark Bank Tower. When it opened, it was the tallest building in Fort Lauderdale, and is now the sixth-tallest, according to Emporis. One Financial Plaza was renovated in 2011, data from Real Capital Analytics shows. Crocker Partners paid $44 million for the 4-acre property in 2011.

Tenants include the Tower Club restaurant on the penthouse level, anchor tenant Regions Bank, Pipeline Workspaces, AXA Advisors and Fowler White Burnett. Pipeline signed a 20-year lease for a full floor at the building and opened in October. One Financial Plaza includes an attached parking garage, a renovated lobby, new gym and conference space and a redesigned entrance, according to a Loopnet listing.

The office tower is about two blocks away from Las Olas Boulevard, which is going through a commercial and residential resurgence. In September, a JP Morgan investment manager sold the Las Olas City Centre office tower to Deutsche Bank for $220 million, marking one of the biggest office deals in South Florida in 2016.

And the sale of One Financial Plaza is the second big office building that Crocker has traded in recent months. The Boca Raton-based investment and management firm, along with Cornerstone Real Estate Advisers, sold the Esperanté Corporate Center in West Palm Beach to RedSky Capital for $126 million in July.

One Financial Plaza’s new owner, Walton Street Capital, has handled more than $8.4 billion of investments from public and corporate pension plans, foreign institutions, insurance companies and banks, endowments and foundations, trusts, and high net-worth individuals, according to its website. Affiliates of Walton Street Capital have invested more than $7.5 billion of equity into the private equity real estate investment firm.

 

Source:  The Real Deal