The Real Deal Miami

Ft. Lauderdale office tower owner faces foreclosure

November 11, 2013 11:15AM

Corporate Center office tower in downtown Fort Lauderdale

Corporate Center office tower in downtown Fort Lauderdale

The owner of a downtown Fort Lauderdale office tower has been hit with a foreclosure lawsuit.

A foreclosure action was filed on Oct. 31 against a company managed by Boston-based Cabot Investment Properties, South Florida Business Journal reported. U.S. Bank, which represents a commercial mortgage-backed securities lender, seeks to foreclose on a nearly $39 million loan secured by the 24-story Corporate Center. The bank is intervening in a 2012 lawsuit filed by South Florida Construction Associates over an unpaid contractor lien.

Corporate center, a nearly 369,000-square-foot office building at 110 East Broward Boulevard, was constructed in 1982 and renovated 17 years later. Tenants include Branch Banking & Trust, the Greater Fort Lauderdale Alliance and Silversea Cruises.

The Cabot company has not made a loan payment since January 2012. Cabot has had multiple Broward County office properties seized by lenders through foreclosure. [South Florida Business Journal] — Eric Kalis