FORT LAUDERDALE, FL-A joint venture of Crocker Partners and Westcity Realty has acquired One Financial Plaza, a 236,000-square-foot class A office tower plus two contiguous development sites, for $44 million.
One Financial Plaza, home to the Tower Club, sits on 4.02 acres at 100 S.E. Third Ave., with frontage on Broward Boulevard. Anchored by Regions Bank, the building is approximately 80% leased. Crocker Partners will be responsible for asset management. Westcity Realty will provide on-site management. Cushman & Wakefield has been enlisted to market the building.
“One Financial Plaza is consistent with our long-term strategy of buying high quality assets in thriving major metro markets and adding value through asset and property management,” Thomas J. Crocker, managing partner of Crocker Partners, said in a statement. “It is reflective of the growing pipeline of opportunities we see in today’s market as we actively pursue acquisitions throughout the Southeast, Texas and metro Washington, D.C.”
The 28-story One Financial Plaza tower is Crocker’s second holding in Fort Lauderdale’s Central Business District. The company has owned an adjacent 1.5-acre parcel at 200 S.E. 2nd St. since 2005.
What’s more, One Financial Plaza is Crocker’s second trophy property acquisition this year. In January Crocker acquired Lakes On Post Oaks, a 1.2 million-square-foot complex in Houston’s Galleria submarket, in a joint venture with Five Mile Partners.
Cushman & Wakefield Senior Director Jon Blunk will market the available office space for lease on behalf of the new joint venture. "One Financial Center is a highly attractive building for mid-sized law firms and financial services companies,” Blunk tells GlobeSt.com. “It offers tremendous amenities, views, best in class parking, strong local ownership and hands on management by Crocker Partners and Westcity."
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