Stiles Sells Las Olas Tower It Developed in 2002 for $164M

FORT LAUDERDALE, FL-Bank of America Plaza at Las Olas City Centre has a new owner. Stiles developed the 23-story office and retail building in 2002, sold majority interest to Shorenstein Company in 2005, and has now handed the keys to 401 East Las Olas LLC, an entity owned by an institutionally managed real estate fund. The buyer paid about $164 million.

Located at 401 E. Las Olas Blvd. in the central business district of Downtown Fort Lauderdale, the complex includes a five-story 1,042 space parking garage and a pedestrian-friendly high-volume plaza with direct frontage on Las Olas Boulevard. The property is 95% leased. HFF marketed the tower, which is home to office tenants such as Bank of America, Guarantee Insurance, Greenberg Traurig and UBS Financial Services, as well as numerous national retailers on the ground floor.