Beverly Hills, CA-based Kennedy Wilson Inc., which took control of the 338,000-square-foot asset in Downtown Fort Lauderdale earlier this year, is rolling out $4.5 million worth of improvements to the building plaza and lobby. It is also working with Taylor & Mathis of Florida to market 25% of vacant space, including the top two floors.
"We invite them to keep an eye on what we're doing," Rob Cord, senior managing director with Kennedy Wilson, tells GlobeSt.com. "We just have to do what we set out to do and show the market what we think the building can be."
A group of 32 investors took control of Wachovia Plaza in February after the building was released from the bankruptcy proceeding of their fund sponsor, Meridian, ID-based DBSI. The restructuring will allow the owners to pay for improvements that DBSI had promised to tenants after paying $61 million ($180 per square foot) for the 25-year-old building in 2005, when it was known as SouthTrust Tower.
Several law firms currently occupy the building, which is located near the US Courthouse and City Hall, according to Cord. Asking rents at the building are in the range of $28 to $30 per square foot, full-service gross, making it one of the best office locations away from popular Las Olas Boulevard, he says.
"There are tenants who are trying to take advantage of the best lease rates they have seen in years," Cord says. He adds that Wachovia Tower should give prospects a good deal of confidence knowing that the building is now stabilized.
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