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Stiles, Prudential Spend $108M on Office Trophy

FORT LAUDERDALE, FL—“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,” says Stiles' Doug Eagon.

By Jennifer LeClaire | Updated on December 24, 2014

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.

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