Brookwood Parts Ways with Plaza 100 in Fort Lauderdale
- Aug 22, 2016
Fort Lauderdale, Fla.—Brookwood Financial Partners LLC has sold Plaza 100, a 166,098-square-foot, Class A office building in downtown Fort Lauderdale. The property fetched $46.2 million, the equivalent of $278 per square foot, or $13.7 million more than what Brookwood paid for the asset back in 2014. Zurich Alternative Asset Management was the buyer, according to data from Yardi Matrix.
The real estate private equity firm purchased Plaza 100 in April 2014 for $32.5 million, through its Brookwood U.S. Real Estate Fund.
“We acquired the property at a time when the fundamentals of the Ft. Lauderdale office market were just starting to stabilize, and we believed that by investing targeted capital dollars in the building, we could increase both the property’s occupancy and rents,” Brookwood President & Director of Real Estate Acquisitions Thomas Brown, said in a statement.
“By executing quickly on our business plan and capitalizing on the continued improving market fundamentals, we were able to lease the vacant space and renew existing tenants at rental rates approaching $23 per square foot, far in excess of the $15-$16 per square foot rents we originally underwrote,” added Brown.
Since acquiring the building in 2014, Brookwood was able to increase its occupancy from 81.7 percent to 93.9 percent, by executing new leases totaling 37,014 square feet and renewing 29,409 square feet of existing tenant leases.
Christian Lee in CBRE’s Miami office represented Brookwood in the transaction.
Image courtesy of Yardi Matrix