{"id":1004747365,"date":"2025-02-17T05:13:15","date_gmt":"2025-02-17T13:13:15","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004747365"},"modified":"2025-02-17T05:58:23","modified_gmt":"2025-02-17T13:58:23","slug":"dws-sells-fort-lauderdale-office-tower-for-220m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/dws-sells-fort-lauderdale-office-tower-for-220m\/","title":{"rendered":"DWS Sells Fort Lauderdale Office Tower for $220M"},"content":{"rendered":"\n

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\"Aerial<\/a>
The office building at 401 E. Las Olas Blvd. rises 23 stories in Fort Lauderdale, Fla.\u2019s financial district. Image courtesy of Square2 Capital<\/em><\/figcaption><\/figure><\/div>\n\n\n

The partnership of Highline Real Estate Capital, Square2 Capital and Lone Star Funds has acquired 401 E. Las Olas Blvd. in Fort Lauderdale, Fla.\u2019s financial district. CBRE represented the seller of the 410,561-square-foot office asset and secured acquisition financing.<\/p>\n\n\n\n

The same week, the office property at 350\/450 E. Las Olas Blvd. changed hands for $208 million in what was, at the time, the market’s largest transaction in a decade.<\/p>\n\n\n\n

DWS, an affiliate of Deutsche Bank’s asset management arm, sold both properties for a combined $428 million, according to Commercial Observer<\/em>. <\/p>\n\n\n\n

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READ ALSO:<\/strong> Office Sector Faces Ongoing Challenges Into 2025<\/a><\/p>\n\n\n\n

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DWS had acquired 401 Las Olas in 2016 for $220 million, according to CommercialEdge information. Completed in 2002 and renovated in 2005, the 23-story office tower features floorplates averaging 24,397 square feet and four levels of parking, as well as retail space. The building is LEED Gold-certified.<\/p>\n\n\n\n

The 2.4-acre property occupies a full city block. Bank of America, Greenberg Traurig, Boies Schiller Flexner, Motorola Solutions and UBS are among its tenants.<\/p>\n\n\n\n

CBRE Vice Chairman Christian Lee and Vice President Sean Kelly led the team that represented the seller. In addition, Vice Chairmen Tom Traynor and Tom Rugg, together with Senior Vice President Amy Julian and First Vice President Andrew Chilgren, assisted the buyer in sourcing acquisition financing. Director Adam Spengler, Senior Associate Tom Rappa, Associate Henry Fenmore and Financial Analyst Matthew Lee were also instrumental in the deal.<\/p>\n\n\n\n

Fort Lauderdale, an attractive market<\/h2>\n\n\n\n

\u201cDowntown Fort Lauderdale has exploded in recent years with new residential,\u201d Square2 Capital Principal Jay Caplin told Commercial Property Executive<\/em>.<\/p>\n\n\n\n

\u201cIt is attracting a phenomenal mix of amenities, retail and restaurants. It is also the only 24\/7 submarket in Broward County, located near executive decision-makers. This combination, especially in a post-COVID work environment, creates an attractive space for recruiting new talent and returning employees to the office.”<\/p>\n\n\n\n

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READ ALSO:<\/strong> Net Effective Office Costs Edge Up<\/a><\/p>\n\n\n\n

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Caplin added the trend is not new and it’s expected to continue, especially since there is no new office construction planned along the Las Olas Boulevard corridor.<\/p>\n\n\n\n

\u201cThe vast majority of any development in downtown has been for-sale and for-rent residential, and some hotels,\u201d he noted.<\/p>\n\n\n\n

According to Caplan, 401 Las Olas is among the top-tier buildings in South Florida and one of only two Class AA trophy office buildings on Las Olas Boulevard.<\/p>\n\n\n\n

With an occupancy of 94 percent and a purchase price substantially below replacement cost, \u201cgiven the very high quality of the property, it represents a highly attractive and opportunistic investment for the new owners,\u201d he said.<\/p>\n\n\n\n

One of South Florida’s \u2018most exciting secrets\u2019<\/h2>\n\n\n\n

\u201cThe rise of Fort Lauderdale\u2019s office market is quickly becoming one of the region’s most exciting secrets,\u201d JLL\u2019s Brady Titcomb, who specializes in the Fort Lauderdale office market, told CPE<\/em>.<\/p>\n\n\n\n

\u201cIt offers a prime location for businesses seeking the vibrancy of an urban center in a unique waterfront setting without the hefty price tag. You can enjoy all the lifestyle perks of Miami but at a fraction of the cost and without the heavy traffic and congestion,” Titcomb added.<\/p>\n\n\n\n

\u201cThe sales of 401 Las Olas and 350\/450 Las Olas during an otherwise turbulent capital markets environment validate that downtown Fort Lauderdale is a secure investment destination,\u201d mentioned Colliers Vice Chair Jonathan Kingsley.<\/p>\n\n\n\n

\u201cThe two properties traded at premium prices on a per-square-foot basis, albeit with higher cap rates than prior sales. This is a direct result of the increase in lease rates and net operating income in a dynamic leasing atmosphere in downtown Fort Lauderdale.\u201d<\/p>\n\n\n\n

A strong alternative to pricier markets<\/h2>\n\n\n\n

Fort Lauderdale\u2019s office market has become a strong alternative to New York\u2019s Park Avenue, Miami\u2019s Brickell and Los Angeles’ Century City, noted Todd Rosenberg, co-founder & chairman of Pebb Capital.<\/p>\n\n\n\n

Pebb Capital\u2019s Class A office property, 110 East Broward, has led leasing activity in Fort Lauderdale\u2019s CBD, securing over 119,000 square feet of tenancy since last year. Notable new leases include ABA Centers of America (48,000 square feet), Seacoast Bank (7,795 square feet), and Ludlow Coffee Supply opening in 2025.<\/p>\n","protected":false},"excerpt":{"rendered":"

This is the market’s largest office deal in a decade.<\/p>\n","protected":false},"author":3568,"featured_media":1004747370,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21783,1492,21742,21747,32781],"tags":[32789,35498,43859,32796,32779,35235],"class_list":["post-1004747365","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-investment","category-miami","category-latest","category-office","category-southeast","tag-cbre","tag-colliers","tag-dws-group","tag-jll","tag-leed","tag-lone-star-funds"],"acf":[],"yoast_head":"\nDWS Sells Fort Lauderdale Office Tower for $220M - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Highline Real Estate Capital, Square2 Capital and Lone Star Funds acquired 401 E. 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