LEED Gold Office Tower Trades for $113M in Ft. Lauderdale
- Oct 24, 2016
Fort Lauderdale, Fla.—Cushman & Wakefield recently negotiated the sale of 110 Tower, a 394,830-square-foot trophy office building in Fort Lauderdale’s Central Business District. The property traded for $113 million, or roughly $286 per square foot.
Cushman & Wakefield’s Capital Markets brokerage team consisting of executive directors Mike Davis and Scott O’Donnell, and senior directors Rick Brugge, Michael Lerner and Dominic Montazemi represented the Dallas-based seller, Genesis Capital Partners XI Ltd., a GenCap Partners Inc. investment fund. The buyer was Boca Raton-based GEM Realty Capital. Wells Fargo Bank provided a $68 million loan for the acquisition.
Cushman & Wakefield was also named the exclusive leasing agent and property manager for the office tower. Managing Director Donna Korn and Director Jennifer Gemma were selected to lease the building on behalf of the new owner.
110 Tower is a 30-story, Class A office building built in 1988 and completely renovated in 2010. It is one of the tallest buildings in the CBD and features 22 stories of office space, five stories of structured parking, two stories of mechanical space and ground-floor retail and parking. On-site amenities include restaurants, a health club, a full-service bank, as well as conference and entertainment facilities.
The property is located at 110 SE 6th St., directly across from the new Broward County Courthouse, and in close proximity to restaurants, parks and executive housing.
“110 Tower is a premier asset offering its tenants the finest experience in downtown Fort Lauderdale,” said Korn in prepared remarks. “The building’s market-leading amenity package and exceptional location continue to drive significant interest from prospective tenants.”
Notable tenants include Tripp Scott, State of Florida Attorney General, Broward County and McCalla Raymer. Current availabilities include the penthouse floor.
“The CBD has evolved into a true live, work and play environment, which is driving strong demand for office space,” added Davis. “With growing demand and no new supply, rental rates and occupancies in the Fort Lauderdale CBD are expected to continue to grow well into the future.”
Image courtesy of Yardi Matrix