110 Tower, a 394,830-square-foot trophy office building in the Fort Lauderdale Central Business District, has traded hands.
MIAMI—110 Tower, a 394,830-square-foot trophy office building in the Fort Lauderdale Central Business District, has traded hands. The sale price: $113 million.
Cushman & Wakefield's Capital Markets brokerage team of executive director Mike Davis, senior director Rick Brugge, senior director Michael Lerner, executive director Scott O'Donnell and senior director Dominic Montazemi represented Dallas-based seller Genesis Capital Partners XI, a GenCap Partners investment fund. IP Capital Partners acquired the office asset for $286 per square foot.
110 Tower is a 30-story, class A office tower built in 1988. As the tallest and most recognizable building in the CBD, 110 Tower has 22 stories of office space, five stories of structured parking, two stories of mechanical space and ground-floor retail and parking. Restaurants, a health club, a full-service bank, as well as conference and entertainment facilities, are among the on-site amenities.
“The CBD has evolved into a true live, work and play environment, which is driving strong demand for office space,” Davis tells GlobeSt.com. “Despite the growth in residential construction and population within the CBD, however, there is currently no new class A office construction. With growing demand and no new supply, rental rates and occupancies in the Fort Lauderdale CBD are expected to continue to grow well into the future.”
In 2011, 110 Tower wrapped up a $15 million renovation program that included upgrades to the ground floor lobby, a new 6th Street look, upgraded upper-floor common areas and other interior spaces, replacement and improvement of all building primary mechanical systems, and an exterior lighting system.
110 Tower sits at 110 Southeast 6th Street sits directly across from the new Broward County Courthouse. 110 Tower has received USGBC of South Florida's Gala Verde Award as Florida's Best in LEED for Existing Buildings, BOMA Fort Lauderdale/Palm Beaches' TOBY Award for Renovated Building of the Year; BOMA's Southern Regional TOBY Award for Renovated Building of the Year, and the PRISM Award for Renovated Building.
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