Development company Grover Corlew has paid $ 69.7 million for 200 East Broward in Downtown Fort Lauderdale, creating the latest office building to sell discounts in the South Florida submarket.
The 21-story tower has 235,211 square feet of office space on the southeast side of Third Avenue, and across the street from the federal courthouse. The 447,253-square-foot property — which is 75 percent occupied — was built in 1991, according to a representative for the Boca Raton-based investor.
Grover Corlew, led by the principal Mark Corlew and Anu Groverplans to spend $ 20 million over the next two years to update the building to add an amenity deck with a gym and conference facilities.
JLL‘s Herman Rodriguez and Ike Ojala make a sale, which results in a loss of almost 15 percent to the seller, Banyan Street Capitalwhich dropped $81.5 million to acquire the asset in 2017, according to property records. (Representatives for Miami-based Banyan Street did not immediately respond for comment.)
In recent years, many office towers in Fort Lauderdale have been sold at a discount.
In September, Moishe Mana buy the 30-story 110 Towers for $ 89 million, about 21 percent less than $ 112.9 million the seller has paid a decade ago. Last year, the German asset manager DWS two office buildings for sale for over $400 million, about they have paid.
Julia Echikson can be reached at jechikson@commercialobserver.com.