Chicago-based Bradford Allen Investment Advisors went big in its first South Florida deal, spending more than a fifth of a billion dollars on a 28-year-old office building in Fort Lauderdale.
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The company, led by Jeff Bernstein and Larry Elbaum, purchased the Las Olas Centre I and II with plans to invest an additional $25M to bring the office complex up to date, according to a release.
The purchase price was $208M, The Real Deal reported, making it the largest office sale in Fort Lauderdale in almost a decade.
“By buying and recapitalizing the complex, we’re going to make it a clear choice for Fort Lauderdale office tenants seeking the best downtown location and amenities,” Elbaum said in a statement. “We’re committed to investing significantly in this property so the quality of the buildings is commensurate with the quality of their location.”
Las Olas Centre I is a 15-story tower at 450 E. Las Olas Blvd. that encompasses nearly 212K SF, while the 18-story Las Olas Centre II at 350 E. Las Olas Blvd. spans 259K SF. Together, the two towers are 69% leased and will be managed by TCRE’s Jon Blunk and Laurel Oswald.
Bradford Allen plans to revamp the lobbies, upgrade conference rooms with technological advancements, and introduce a fitness center and outdoor space. It also plans to provide asset and property management for the 471K SF complex.
The seller, a fund managed by Frankfurt, Germany-based DWS Asset Management, acquired the properties for $204M in 2014.
The complex includes 1,344 parking spaces and houses tenants like Wells Fargo, Starbucks, Sky Thai Sushi and Lobster Bar Sea Grille, according to LoopNet.
“350 and 450 East Las Olas occupy what’s generally regarded as the most desirable office location in downtown Fort Lauderdale,” Elbaum said.
Fort Lauderdale’s office market, while not as prominent as Miami or West Palm Beach, has fared relatively well.
Among a slowing market in 2024, office availability in Fort Lauderdale declined by 9% year-over-year with 2.4M SF of leasing completed. Average rents were unchanged at $41.27 per SF, according to Avison Young’s fourth-quarter office market report.
While this is the firm’s first move in South Florida, it also has properties in Jacksonville, Denver and Greenwich, Connecticut and other markets, according to a release.
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