Metro Miami Office Tower Commands $117M
- Oct 04, 2019
Crocker Partners and Walton Street Capital have sold One Financial Plaza, a Class A, 282,883-square-foot office tower in Fort Lauderdale, Fla. Alliance Partners HSP purchased the asset for $117 million. According to Broward County public records, the buyer assumed an existing $69.6 million debt on the property, consisting of a $46.9 million loan provided by SunTrust Bank, as well as a $22.7 million loan from Mercantil Bank. CBRE advised Crocker Partners in the disposition. The property last traded in 2017 for $86.8 million, public records show.
One Financial Plaza sits on 4 acres at 100 S.E. Third Ave. in Fort Lauderdale’s central business district, across the street from Broward County Courthouse. Situated within walking distance from Las Olas restaurants and shops, the property is 2 miles east of Interstate 95, with Fort Lauderdale-Hollywood International Airport 4.3 miles south.
Completed in 1972 as the tallest Fort Lauderdale building at the time, the 28-story high-rise features 11,000-square-foot floorplans and a four-story garage, with a parking ratio of 2.5 spaces per 1,000 square feet. Amenities include a conference center, a gym and on-site deli, as well as EV charging stations.
According to José Lobón, executive vice president at CBRE Capital Markets, the property is currently 90.5 percent leased. Its largest tenants have a weighted average lease term of 7.8 years. Notable companies on the roster include Regions Bank and Tower Club.
Lobón, together with CBRE Capital Markets Vice Chairman Christian Lee, negotiated the deal on behalf of Crocker Partners. The CBRE team also included Senior Vice President Amy Julian of Debt & Structured Finance division and Senior Financial Analyst Andrew Chilgren. In July, CBRE advised Crocker Partners in the $98 million sale of another Florida office high-rise.
Old and new property upgrades
One Financial Plaza was entirely renovated in 2009 and underwent cosmetic restoration in 2011, according to Yardi Matrix data. The $8 million upgrade program included a new lobby, security desk, fitness center, conference center, as well as elevator modernization.
The building is undergoing a $2 million exterior renovation, which includes the relocation of the primary entrance along Financial Plaza Drive, a façade and lobby expansion, as well as the addition of 2,500 square feet of retail space.