Grover Corlew, a real estate investment management group focused on acquiring, developing, and managing office and multifamily properties, has acquired 200 East Broward, a 21-story, 235,211-sq.-ft. Class A office tower in downtown Fort Lauderdale, for $69.7 million. The company plans to invest an additional $20 million in improvements to the property over the next two years.
“While Miami and West Palm Beach have attracted much of the attention in recent years, downtown Fort Lauderdale is seeing significant growth,” said Mark Corlew, partner at Grover Corlew. “Nearly all the office buildings along Las Olas Boulevard have recently traded and are now well capitalized, with strong demand for office space. More than 9,000 residential units have been delivered in and around downtown Fort Lauderdale over the past decade, with several thousand more planned or under development. Companies and employees recognize the advantages of being downtown, including access to Brightline, restaurants, parks, the nearby international airport and beaches. With development expanding north of Broward Boulevard and south of the New River, 200 East Broward is now at the center of a growing downtown.”
Grover Corlew plans to modernize the property through capital improvements designed to enhance the tenant experience. Renovations will include the full modernization of the building’s elevator and main lobby, the addition of an amenity deck with a gym and conference facilities, and best-in-class tenant finishes.
The tower features a distinctive rose granite and limestone exterior, an attached eight-story parking garage and unobstructed views of the Atlantic Ocean and Intracoastal Waterway. The Energy Star-rated building includes an on-site conference center, 24-hour concierge service, café and shuttle service to the Broward County courthouse, Fort Lauderdale-Hollywood International Airport, Brightline station and Las Olas Boulevard. The property is also within walking distance of Las Olas Boulevard’s restaurants, shops and entertainment.“
JLL served as the selling broker, with Senior Managing Director Hermen Rodriguez and Managing Director Ike Ojala handling the sale. JLL Senior Managing Director Paul Stasaitis handled the debt financing. BridgeInvest provided financing.
