FORT LAUDERDALE, FL—Stiles Property Fund (SPF) and Prudential Real Estate Investors bought 200 East Las Olas from Invesco for $108 million. Also known as New River Center, the 20-story trophy class A office tower sits on Las Olas Boulevard in the heart of the city's central business district.

Stiles actually developed the office tower in 1990. The institutional quality office asset, which spans 281,713 rentable square feet and is 86% leased. The sale price equals $383 per square foot.

“As its original developer, we have come full circle with New River Center,” says Stiles president Doug Eagon. “Given our deep knowledge of the asset, the property's upside potential and the robust market outlook, this acquisition fit well with our investment strategy.”