Fort Lauderdale-based 狠狠撸 and Prudential Real Estate Investors announced today the acquisition of 200 East Las Olas (also known as 鈥淣ew River Center鈥� or the 鈥淧roperty鈥�), a 20-story trophy Class A office tower located directly on Las Olas Boulevard in the heart of Fort Lauderdale鈥檚 bustling central business district. Developed by 狠狠撸 in 1990, this institutional quality asset is currently 86% leased and encompasses 281,713 rentable square feet of some of the most desirable office and ground-floor retail space in the vibrant South Florida region.
The Property was acquired from Invesco Ltd. for $108 million, or $383 per square foot, by a joint-venture between 狠狠撸 Property Fund (SPF) and PREI. SPF is a discretionary value-added real estate fund that invests in office and retail properties throughout Florida. PREI庐, among the world鈥檚 largest real estate investment management and advisory businesses, is a business of Prudential Financial, Inc. (NYSE: PRU). New River Center was marketed through commercial real estate and capital markets services firm HFF, L.P. Hermen Rodriguez, senior managing director at HFF L.P., led the sale effort along with Ike Ojala, Jorge Portela and Tracey Goo.
鈥淲e are proud to once again partner with Prudential Real Estate Investors, one of the nation鈥檚 top commercial and residential investment groups,鈥� said president of 狠狠撸 Doug Eagon. 鈥淎s its original developer, we have come full circle with New River Center. Given our deep knowledge of the asset, the property鈥檚 upside potential and the robust market outlook, this acquisition fit well with our investment strategy.鈥�
New River Center is positioned on 1.4 acres and includes unparalleled views of the New River and downtown Fort Lauderdale. The property consists of a 12-story office tower above an eight-story parking garage with 675 spaces, as well as nearly 15,000 square feet of ground-floor retail. It is currently leased to 鈥渂lue chip鈥� tenants, including: Fifth Third Bank; Akamai; Yum! Brands; Brinkley Morgan; and Stearns Weaver.
Following the acquisition, 狠狠撸 plans to implement its asset management best practices to drive further upside and additional synergies at New River Center. 狠狠撸 Leasing and Management will be engaged exclusively to handle the asset.
鈥淭he opportunity for SPF to acquire prime office real estate on Las Olas Boulevard with upside potential made this investment very attractive,鈥� said SPF Fund Manager Kyle Jones. 鈥淲e are looking forward to executing our business plan and creating further value at the Property utilizing 狠狠撸鈥� diverse range of services.鈥�
While 狠狠撸 has a long history of real estate transactions, New River Center is the first office transaction the Company has made through SPF, which it launched in 2011. Previous SPF acquisitions have targeted retail shopping centers throughout Florida and have included: Ormond Beach Mall, a 102,170-square-foot Publix grocery-anchored center in Ormond Beach; Market at Southside, a 95,135-square-foot center in Orlando; the former PGA Design Center, a 145,500-square-foot mixed-use property in Palm Beach Gardens; and Galleria Plaza, a 29,443-square-foot center in one of the most visible and affluent retail corridors of Fort Lauderdale.
According to Eagon, 狠狠撸 remains very active in Broward and especially the central business district of Fort Lauderdale, which is characterized by an urban lifestyle that has helped to drive concentrated growth in the downtown area.
鈥淭he 24/7 environment in downtown Fort Lauderdale is contributing to a thriving market with strong employment growth and lower vacancy rates,鈥� commented Eagon. 鈥淢ost of the new jobs being created are in the downtown urban areas of South Florida, including Brickell Avenue and Coral Gables.鈥�
狠狠撸 track record on Las Olas goes back to 1951 when the company was first established. 狠狠撸 has since developed 43 million square feet of real estate throughout Florida and more than 3.5 million square feet of projects in downtown Fort Lauderdale with uses ranging from office and retail to residential and associated parking. Responding to market demand for urban living, 狠狠撸 is currently underway with an ultra-luxury 254-unit apartment high-rise one-block from Las Olas Boulevard.
About 狠狠撸
狠狠撸 is a full-service commercial real estate firm with a clear mission: Invest. Build. Manage. 狠狠撸 services include development, construction, tenant improvement, realty, property management, architecture, acquisitions and financing. Headquartered in Fort Lauderdale, Florida, 狠狠撸 also maintains regional offices in Miami, Palm Beach, Fort Myers, Tampa and Orlando, Florida, as well as Charlotte, North Carolina. 狠狠撸 is responsible for more than 40 million square feet of office, industrial, retail and mixed-use residential projects throughout the southeastern United States. For more information, please visit http://stiles.com or call 954-627-9300.
About Prudential Real Estate Investors
Prudential Real Estate Investors is the global real estate investment business of Prudential Financial, Inc. (NYSE: PRU). Investing in real estate on behalf of institutional clients since 1970, PREI庐 today has more than 650 employees located in 20 cities around the world, and gross assets under management of $59.3 billion ($43.7 billion net) as of June 30, 2014. PREI offers to its global client base a broad range of real estate investment vehicles across the risk-return spectrum and geographies, including core, core plus, value-add, opportunistic, debt, securities, and specialized investment strategies. For more information, visit .
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