Tag Archive for: steelbridge capital

Office Complex On Las Olas Boulevard Sells For $144.5M

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CBRE has facilitated the sale of Las Olas Square on behalf of a joint venture between funds managed by Apollo Global Management, SQUARE2 Capital, and Steelbridge Capital.

Las Olas Square is a two-building, 267,000-square-foot mixed-use property located on a full city block at the Main & Main intersection of the Las Olas office and retail district in Downtown Fort Lauderdale.

The joint venture purchased the property and excess development land in 2016 for $90 million and executed an extensive redevelopment and re-tenanting of this iconic Ft. Lauderdale asset whose tenants includes Truist Bank, Spaces, and Del Frisco’s Grill. It also had previously sold the excess development land to a national developer for $20 million, who is currently building a 50-story residential tower on the site.

The sellers were exclusively represented by Christian Lee and Andrew Chilgren with CBRE Capital Markets. Amy Julian with CBRE Debt & Structured Finance arranged financing on behalf of the buyer, a joint venture between CP Group and Related Fund Management. A fund managed by Alliance Bernstein provided the floating rate loan.

Las Olas Square includes a 17-story office tower located at 515 E. Las Olas Blvd. (515 Building), a three-story building located at 501 E. Las Olas Blvd. (501 Building), and an attached four-story parking structure. It is 88 percent leased to 17 tenants across a variety of industries, including banking, legal services, real estate, accounting, and financial services.

“The sellers returned the property to its rightful, iconic state through a multimillion-dollar, transformative renovation that activated the entire 500 block of Las Olas Boulevard. In conjunction with interior building enhancements, the addition of an outdoor tenant plaza has drastically improved the property’s curb appeal and desirability, which has attracted a high-quality and diversified tenant roster,” said Lee, CBRE Vice Chairman.

 

JLL Closes Leases With Two Tenants Totaling 22,000 SF

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JLL announced the closing of a lease renewal with long-time tenant TD Bank and a new lease with Allied Integrated Marketing totaling 22,000 square feet of office space at Cypress Financial Center, a 198,528-square-foot class A office building in Fort Lauderdale.

The property, located at 5900 N. Andrews Ave., is owned by Steelbridge Capital, a privately held, value-focused real estate investment company based in Miami and Chicago.

Sandra Andersen, Senior Vice President at JLL, represented Steelbridge Capital in both transactions.

Existing tenant TD Bank renewed its 16,675-square-foot lease and was represented by CBRE Senior Vice President Mathew J. Saker, CBRE Vice President John Jaspert and CBRE Transaction Manager Caroline C. Barone.

Allied Integrated Marketing signed a new lease consisting of 5,325 square feet and will occupy the eighth floor of the building. Allied Integrated Marketing is a full-service agency with 22 offices working with the world’s largest entertainment, culture and lifestyle brands. The tenant was represented by Bob Orban, Senior Vice President, and Tyler Wyant, Associate, at Savills Studley.

“Cypress Financial Center is situated at the geographic center of South Florida, making it the most accessible location to the region’s six million residents, an attractive factor for companies seeking office space,” said JLL’s Sandra Andersen. “The property underwent extensive renovations last year, which has contributed to attracting and retaining top-quality tenants who are seeking an office location with high-end finishes and downtown prestige in a convenient uptown location.”

Cypress Financial Center is the only office complex in South Florida with a direct on-ramp to I-95. Recently completed renovations include upgrades to the lobby and select common areas, complete tower and garage elevator modernization, exterior painting and sealing, replacement of monument and directional signage, new landscaping and exterior lighting.

 

Downtown Fort Lauderdale Office Sale Closes At $220 Million

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The South Florida office market keeps reeling in investors ready to drop large sums on the region’s trophy assets.

In one of the biggest commercial real estate deals this year, a downtown Fort Lauderdale office tower changed hands for $220 million.

A company linked to Deutsche Bank‘s asset and wealth management division pocketed the Bank of America Plaza at Las Olas City Centre, a 23-story office tower built in 2002, from J.P. Morgan Investment Management Inc., according to Broward County property records.

The pricey deal closed Monday, five years after New York-based J.P. Morgan Chase & Co. originally purchased the asset. The seller walked away with a $56 million gain, or 34 percent

The 725,898-square-foot Class A office building at 401 E. Las Olas Blvd. sits on 2½ acres with about 408,000 square feet of leasable office space. It is anchored by Bank of America, and other tenants include Greenberg Traurig; Boies, Schiller & Flexner; GrayRobinson; Patriot National Inc.; and Farlie Turner & Co.

The deal broke down to $303 per square foot.

Fort Lauderdale’s office market has attracted new players this year looking for valuable assets away from Miami’s congested urban core.

Miami-based Steelbridge Capital purchased the two-building Class A SunTrust Center office complex a block away at 501-505 Las Olas Blvd. for $87 million in June. That deal, at $320 per square foot, was the largest transaction since June 2015.

In August, Massachusetts-based Brookwood Financial Partners sold an 11-story office building in downtown Fort Lauderdale for $46.5 million — $14 million more than what it paid two years ago.

Broward County’s investment sales activity picked up last quarter with eight transactions totaling $134 million, according to CBRE Inc. Overall, commercial transactions totaled $345 million during the first half of the year.

The submarket’s vacancy rates dropped to 12 percent in the second quarter as new entrants vie for space and existing companies expand their footprints.

 

Source:  DBR

JLL Tapped To Lease 200,000 SF Cypress Financial Center

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Steelbridge Capital has selected JLL  to exclusively lease and market their newly acquired asset, Cypress Financial Center, a 198,528-square-foot office building located in Fort Lauderdale.

JLL’s Sandra Andersen, Senior Vice President, and Associate, Chase Kulp, will lead an aggressive leasing effort at the uniquely positioned office building located at 5900 N Andrews Ave.  With excellent highway signage visibility from Interstate 95, Cypress Financial Center is the only building in South Florida with direct ramp access to the highway.

Steelbridge Capital, a privately held, real estate investment company based in Miami and Chicago, acquired the office building in mid-September with the sole objective of re-establishing Cypress Financial Center as the premier office building in the Cypress Creek corridor.

The ownership has outlined a rapid capital improvement program that will focus on significantly upgrading the lobby and common areas, modernizing the elevators and other mechanical enhancements, as well as a complete renovation of the exterior and landscaping features, all designed to return it to its status as one of the pre-eminent office buildings in Broward County.

“We’ve established a great relationship with Steelbridge Capital over the years, and firmly believe we can duplicate the prior leasing success JLL had with this asset,” said JLL Senior Vice President Sandra Andersen. “Our leasing strategy will focus on reintroducing the asset to the market by emphasizing the new ownership and the significant capital investment they are making to restore the building as the marquee property in Cypress Creek and the ideal alternative to Downtown Fort Lauderdale.”

Major tenants at the office tower include global insurance provider MetLife, BDO, TD Bank and commercial real estate brokerage firm Marcus & Millichap.