FORT LAUDERDALE, FL—After acquiring the office asset from a CMBS lender in April 2012, Bristol Group just took the lid off plans for a multi-million dollar renovation to one of Northwest Broward County's largest office buildings. Formerly known as the Preferred Exchange Tower before a $24 million foreclosure action, Bistrol and Butters Construction & Development, the new owners, have renamed the office building University Place at City Center.

Beginning in March, Bristol is planning a series of renovations to upgrade and modernize the office building's sweeping lobby atrium, along with a full redesign of its front retail façade. The project is being co-developed with Butters.

"We saw an opportunity to acquire and reposition a strategic South Florida asset in the Coral Springs market at a very competitive price," says Dave Williams, senior vice president with Bristol. "Retail has been an afterthought in recent years at this project. Our objective is to reconnect the building's retail to the rest of the vibrant downtown Coral Springs area and to make University Place at City Center a focal point for the local community."