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Downtown Office Tower Upgrades Getting Started

FORT LAUDERDALE, FL-The owners of Wachovia Tower plan $4.5 million worth of improvements.

By Carl Cronan | Updated on March 07, 2010

FORT LAUDERDALE, FL-A planned upgrade of the 19-story Wachovia Tower at One East Broward office building is under way now that its owners have program funding in place. Beverly Hills, CA-based Kennedy Wilson Inc. announced last fall that $4.5 million will be invested in improvements to the 338,000-square-foot class A structure.

A group of 32 private investors took control of Wachovia Plaza in February 2009 after buying the distressed asset for an undisclosed price. The previous owner, Meridian, ID-based DBSI, paid $61 million for the 25-year-old building in 2005, when it was called SouthTrust Tower.

“Wachovia Tower is set to renew its landmark status with this new phase of improvements following a strategic reorganization of ownership and financing,” says Rob Cord, senior managing director of Kennedy Wilson Properties Ltd. “The building has a commanding presence on the skyline and offers its tenant community a signature office address.”

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