Fund Snags BofA Plaza on Las Olas for $164M
- Oct 07, 2011
The 23-story Bank of America Plaza at Las Olas City Centre in Fort Lauderdale is now part of a fund operated by JPMorgan Investment Management, 401 East Las Olas LLC. The trophy office building, currently 95 percent leased, traded for approximately $164 million. Besides numerous national retailers, the building houses world-class tenants such as Bank of America, Guarantee Insurance, Greenberg Traurig and UBS Financial Services. Commercial real estate services firm HFF (Holliday Fenoglio Fowler L.P.) was charged with marketing the mixed-use project.
Las Olas City Centre is located in the city’s central business district, at 401 E. Las Olas Blvd., offering nearly 365,000 square feet of premier office space and a 45,800-square-foot retail plaza. The 410,000-square-foot office building, developed by Stiles in 2002, includes a five-story 1,042-space parking garage and a pedestrian-friendly plaza with direct frontage on Las Olas Boulevard. The Energy Star-rated building has received several awards for its craftsmanship, rich finishes, quality architecture, spacious floorplates and expansive ocean views.
Initially owned by Stiles in partnership with local investors, San Francisco-based real estate investment group Shorenstein Property acquired a majority interest in the partnership in 2005, though Stiles continued to handle both the leasing and management of the building; Stiles’ subsidiaries—Stiles Property Management and Stiles Realty Division—will remain in charge of the management and leasing of the building on behalf of the new owner.
For further details on the acquisition, check out Barbra Murray’s coverage of the topic.