The Real Deal Miami

Landmark Fort Lauderdale tower receives $58M loan

JPMorgan Investment Management bought commercial property for $163M in 2011

January 27, 2015 03:00PM
By Katherine Kallergis

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Las Olas City Centre at 401 East Las Olas Boulevard in Fort Lauderdale

Las Olas City Centre at 401 East Las Olas Boulevard in Fort Lauderdale

JPMorgan received a $58 million mortgage for its prime downtown Fort Lauderdale office tower.

Teachers Insurance and Annuity Association of America is the lender on the mortgage for Las Olas City Centre, a 15-story Class A office building located at 401 East Las Olas Boulevard, Broward County records show.

Tenants include Bank of America, Greenberg Traurig, Patriot National Insurance and One Sotheby’s International Realty. Retailers include Grill 401, Subway, Offerdahl’s and The UPS Store. Leases reportedly ranges from $35 to $45 per square foot.

JPMorgan Investment Management, acting through 401 East Las Olas LLC, bought the 725,898-square-foot building in 2011 for more than $164 million. The tower is located east of the Museum of Art Fort Lauderdale.

In December, Stiles and Prudential Real Estate Investors bought nearby 200 East Las Olas for $108 million.

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