FORT LAUDERDALE, FL—Tower 101, a two-building office property in the Fort Lauderdale CBD, has traded for $28.7 million. The sale equals $125 per square foot, a discount over current market values.
CBRE Capital Markets arranged the sale and financing of the 230,238-square-foot office property on behalf of owners Cap Advisors and Principal Real Estate Investors. Banyan Street acquired the office asset, which features a 21-story story office tower built in 2001.
A value-add opportunity, the two buildings are collectively 68% leased. Tower 101 is 90% leased. Tower 101 was built in 1991 while its six-story counterpart was constructed in 1986. Banyan Street plans a significant capital investment on the older asset.
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