The Real Deal Miami

Fort Lauderdale’s Tower 101 sells for $28.7M

August 07, 2012 12:00PM

The Tower 101 office building in Fort Lauderdale has been sold for $28.7 million, according to CBRE, which also arranged $19 million in financing for the property. The property, which includes a 21-story tower and a six-story office building, was purchased by Banyan Street for a price of $125 per square foot. It totals 230,238 square feet. CBRE also sourced and arranged a $19 million financing package from Spain’s Banco Sabadell on the property. “We are finding that commercial banks are selectively competitive for experienced operators of high-quality office buildings in South Florida,” said Charles Foschini, vice chairman at CBRE, who worked with Christian Lee, Jose Antonio Lobon, Deanna Lobinsky and Travis Herring on the sale. Banyan plans to renovate the largely-empty six-story building. The property is 68 percent leased overall. — Alexander Britell