Lauderdale office building trades for $112M

Miami /
Nov.November 11, 2014 09:45 AM

A Miami investment firm paid $112 million for the Broward Financial Center in Fort Lauderdale.

AGS Property Corp. acquired the 325,000-square-foot office building at 500 East Broward Boulevard in a deal announced on Monday by real estate firm HFF, which represented seller DRA Advisors and arranged financing for AGS. Morgan Stanley Mortgage Capital provided a 10-year, fixed-rate $61 million loan to AGS for the purchase. Broward County has not recorded the transaction.

The 24-story building was completed in 1986 and renovated in 2007. It is 90 percent occupied. Tenants include Charles Schwab & Co., Fox Sports Net Florida and the Sun-Sentinel Co.

HFF senior managing director Hermen Rodriguez, executive managing director Manuel De Zarraga, director Ike Ojala and associate director Jorge Portela led the team representing DRA. Company director Chris Drew and senior managing director Paul Stasaitis led the team arranging financing for AGS. — Eric Kalis


Related Articles

arrow_forward_ios
A photo illustration of 1401 Southeast 15th Street (bottom) and 1300 Northeast Third Street (top) in Fort Lauderdale (Google Maps, Getty Images)
LA investor pays $30M for aging 90-unit Fort Lauderdale rental portfolio
LA investor pays $30M for aging 90-unit Fort Lauderdale rental portfolio
From left: Alta Developers’ Raimundo Onetto, Bizzi & Partners’ Davide Bizzi, and Silverback Development's Josh Schuster with 100 Southwest Sixth Street
Alta pays $21M for downtown Fort Lauderdale multifamily dev site
Alta pays $21M for downtown Fort Lauderdale multifamily dev site
Premium Digital Control & Automation's Marc Farbstein and Fortress Anchors' Dylan Hallerberg with 52 Royal Palm Drive (LinkedIn, Google Maps)
Smart home honcho buys waterfront Fort Lauderdale home
Smart home honcho buys waterfront Fort Lauderdale home
Dev Motwani and Nitin Motwani with a rendering of 530 North Birch Road (Adache Group Architects)
Motwanis win approval to expand planned Fort Lauderdale condo project
Motwanis win approval to expand planned Fort Lauderdale condo project
Sabadell Financial Center at 1111 Brickell Avenue in Miami, 110 Tower at 110 Southeast Sixth Street in Fort Lauderdale and The Gateway at Wynwood at 2916 North Miami Avenue in Miami with J.C. De Ona of Centennial Bank’s Southeast Florida division, Dominic Montazemi of Cushman & Wakefield, Chris Lee of CBRE, Shelby Rosenberg of R&B Realty Group and Todd Rosenberg of Pebb Capital (Google Maps, LinkedIn, Pebb Capital, R&B Realty Group, Cushman & Wakefield, CBRE)
South Florida office sales falter, despite strong leasing
South Florida office sales falter, despite strong leasing
Jose Luis Zapata with 505 North Fort Lauderdale Beach Boulevard (Orchestra Hotels, Google Maps)
No check-in zone: Fort Lauderdale Hilton-branded condo-hotel unit owners fight for access
No check-in zone: Fort Lauderdale Hilton-branded condo-hotel unit owners fight for access
Sharon Gustafson, Laurent Ouazana and 3916 Country Club Lane (Facebook/Sharon Gustafson, Twitter/@hellolab, Susan Rindley with One Sotheby’s International Realty, Getty)
French insurance CEO buys Fort Lauderdale estate
French insurance CEO buys Fort Lauderdale estate
Renderings of the residential tower in downtown Fort Lauderdale (ODA Architecture)
Brooklyn firm looks to build 47-story Fort Lauderdale tower
Brooklyn firm looks to build 47-story Fort Lauderdale tower
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...