A Pennsylvania investor acquired a trophy office building in downtown Fort Lauderdale, Florida, for $117 million, the highest price paid this year in Broward County.
Alliance Partners HSP bought the 28-story One Financial Plaza at 100 SE 3rd Ave. from Boca Raton-based Crocker Partners and Walton Street Capital for about $414 per square foot, according to CoStar data. The building last sold in 2017 for $86.75 million, or more than $306 per square foot.
The 282,883-square-foot building off Las Olas Boulevard underwent a recent $8 million renovation that added a new lobby, fitness center and conference center, according to CBRE, which represented the seller in the latest deal. An exterior renovation moved the primary building entrance to the east side, allowing for 2,500 square feet of new retail space.
Meanwhile, Fairfield Residential has proposed 300 apartment units at the site, CoStar records show.
“The exterior renovations and the to-be-constructed multifamily will dramatically improve the sense of arrival and overall appeal of One Financial Plaza,” CBRE’s Christian Lee said in a statement.
John Osborne, senior vice president at Crocker, said in a statement that One Financial Plaza is among the most desirable buildings in the city's downtown.
"With the recent capital improvements, that position is enhanced for the long-term,” he added.
The only single office building across all of South Florida to sell for more in 2019 was 800 Brickell Ave. in Miami, which fetched $125.5 million in July, according to CoStar records.
https://product.costar.com/home/news/1943109708
