Boca-based Grover Corlew picked up a downtown Fort Lauderdale office building for $69.7 million, a 14 percent discount from its last sale.
The real estate investor, led by Anuj Grover and Mark Corlew, bought the building at 200 East Broward Boulevard from sellers Banyan Street Capital and Oaktree Capital Management. The joint venture paid $81.5 million for it in 2017, marking a loss on the most recent sale.
The building has 235,110 square feet of offices, according to a listing, meaning the deal worked out to about $296 per square foot. Miami-based lender BridgeInvest provided a $63.4 million loan.
The 21-story building was constructed in 1991 and stands on a 0.8-acre lot, according to property records, with an eight-story parking garage.
The buyer plans to invest $20 million into renovations, including an updated lobby and elevators, an amenity deck with fitness and conference facilities, and upgraded offices, according to its website.
Its tenants include Colliers, PNC Private Bank and business law firm Cohen Seglias. Office space is listed at $44 per square foot.
The Fort Lauderdale office market is broadly slower than that of Miami and West Palm Beach. Demand picked up slightly in the third quarter, with more office space full than vacant for the first time in six quarters, according to JLL.
Multistory offices in Fort Lauderdale on average cost $2.4 million in the first quarter, when the latest data was available, according to TRD data.
Fort Lauderdale’s population is growing, and it is becoming a less expensive destination compared to Miami and Palm Beach for Florida newcomers and corporate relocation.
Elsewhere in the city, Grover Corlew is planning a 312-unit apartment building at 6261 Northwest Sixth Way, for which it scored a $92 million construction loan last year. The units are listed at $2,280 to $4,770 per month for studio-to-three-bed apartments.
Banyan Street’s Rudy Prio Tourzet landed in hot water last year when Ladder Capital alleged he was responsible for a delinquent $38.5 million loan. The property was sold at auction last year.
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