Bradford Allen Investment Advisors has recently purchased the Las Olas Centre I & II office complex in downtown Fort Lauderdale for a total of $208 million. The property, which consists of 470,810 square feet of office and retail space located at 350 and 450 E. Las Olas Blvd., was previously owned by RREET Property Trust under the DWS Group umbrella.
According to reports from the South Florida Business Journal, this is the first time in almost ten years that an office building in Fort Lauderdale has sold for over $200 million. The last time this occurred was when Las Olas Centre LLC traded hands for $204 million back in 2014.
The two offices were originally built back in 1997 and are currently occupied at a rate of approximately 69%. In light of their recent acquisition, Bradford Allen plans to invest an additional $25 million into upgrading various aspects of Las Olas Centre including lobby renovations, conference room updates, improvements to fitness center facilities as well as outdoor spaces.
In addition to this notable transaction involving Bradford Allen Investment Advisors’ purchase of Las Olas Centre I & II , another significant deal took place with Lone Star Real Estate Fund VII teaming up with Highline Real Estate Capital LLC and Square2 Capital to acquire a separate tower known as “401 East Las Olas Boulevard”. Although details regarding price or seller have not been disclosed publicly yet.
