FORT LAUDERDALE, FL-300 Las Olas Place, a 102,246-square-foot office tower in Downtown Fort Lauderdale, has sold for approximately $30 million. The tower is 98% occupied.
Stiles sold its former headquarters to Franklin Templeton Companies, a subsidiary of Rancho Cordova-based Franklin Resources, a global investment management organization known as Franklin Templeton Investments, acquired the property for approximately $30 million. Stiles developed the class A 10-story building in 2000. It’s located one block north of Las Olas Blvd.
"As a committed long-term tenant of the Fort Lauderdale area market, we are pleased with the outcome of this transaction,” says Les Kratter, senior vice president of Franklin Resources. “Since we were already the occupant of most of the property, when it was released on the market we conducted a financial analysis of a lease versus purchase and decided that it makes sense both strategically and financially to acquire the asset as we remain committed to the Ft. Lauderdale market.”
At the end of 2009, Stiles and Franklin Templeton marked one of the largest Fort Lauderdale commercial real estate transactions of the year when Franklin signed a 10-year lease for about 86,000 square feet at the tower while Stiles relocated to a neighboring building it owns, 301 E. Las Olas Blvd. Stiles recently completed its headquarters move while Franklin Templeton is scheduled to begin construction for the build-out of 300 Las Olas Place in the coming weeks.
Stiles CEO Terry Stiles says the transaction represents the long-term commitment both companies are making to Ft. Lauderdale: "This deal is a testament to the strength of the Fort Lauderdale real estate market, as evidenced by the recent sale of 350 and 450 Las Olas Centre, as well as our ability to execute on our asset strategy despite the challenging investment climate."
Holliday Fenoglio Fowler marketed the property. The landmark tower’s tenant roster includes Robert Half International, Raymond James and Governor Elect Rick Scott. Further The building, which offers a Spanish-Mediterranean design, is LEED Gold Certified and offers hurricane impact resistant glass.
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