Stiles and Prudential Real Estate Advisors Drop $108M on Ft. Lauderdale Office Tower
- Jan 08, 2015
New River Center, a 281,713-square-foot Class A trophy office tower in downtown Fort Lauderdale, was sold for $108 million or $383 per square foot.
The institutional-quality asset was picked up by a joint venture formed by Prudential Real Estate Investors (PREI) and Stiles Property Fund (SPF). SPF was launched in 2011 by Stiles, a full-service commercial real estate firm. New River Center is the first office property Stiles has acquired through SPF. Previous SPF acquisitions have targeted retail shopping centers located throughout Florida. New Rover Center was disposed by Invesco Ltd., which marketed the trophy asset through HFF L.P.
Located on Las Olas Boulevard, New River Center, also known as 200 East Las Olas, sits at the center of Fort Lauderdale’s CBD. The 20-story office center currently boasts an 86 percent occupancy rate, which Stiles plans to increase by implementing its best asset management practices through Stiles Leasing and Management. Current blue chip tenants include Fifth Third Bank, Brinkley Morgan, Akamai, Yum! Brands and Stearns Weaver.
Sitting on 1.4 acres in Fort Lauderdale’s financial district, New River Center was originally developed in 1990 by Stiles. It features 12 stories of Class A office above eight stories of parking totaling 675 spaces and 15,000 square feet of street-level retail. Designed by architectural firm Cooper Cary, the property is Energy Star rated. It features an on-site café, full-service banking, sweeping views of downtown Fort Lauderdale and the New River. It is within walking distance of retail, restaurants, courthouses and government offices.
The 24/7 environment in downtown Fort Lauderdale is contributing to a thriving market with strong employment growth and lower vacancy rates,” said Stiles President Doug Eagon. “Most of the new jobs being created are in the downtown urban areas of South Florida,” he added.
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Image courtesy of Stiles