Bulk office condos at the Galleria Corporate Centre hit the market

Bulk condo portfolio is currently 64 percent leased

Aug.August 08, 2016 03:00 PM

A bulk listing at a renovated Fort Lauderdale office tower has hit the market. 

Bush Development Group renovated the nearly 169,000-square-foot, 13-story building at 2455 East Sunrise Boulevard. The developer hired Avison Young to sell the remaining 100,000 square feet of office and retail space at Galleria Corporate Centre, according to a press release.

Sales so far have averaged $300 per square foot at the building, which now has marble flooring, a new porte-cochère with valet, a cafe and a Texas de Brazil. Unit owners include the Motwani-led Merrimac Ventures and Hublot of America, the high-end Swiss watchmaker.

Avison Young is looking for one buyer to purchase the remaining units who could then sell individual units or keep the bundle as an income-producing asset, principal of investment sales David Duckworth told The Real Deal. He said the brokerage put out a call for offers without an asking price.

Miami-based Bush Development Group bought the building in 2007, converted it to condos in 2011, and is now looking to offload the remaining units, Duckworth said. BDG also developed the first office condo on Brickell Avenue at 1000 Brickell.

The building, which is across the street from the Galleria Mall, is just outside of the Fort Lauderdale’s Central Business District in what Duckworth said is a walkable neighborhood. He said he expects the market to continue tightening due to a lack of new office construction and increasing rents.

Vacancy rates in Broward are at 14.6 percent, according to a second quarter Avison Young report. In Downtown Fort Lauderdale’s central business district, the vacancy rate was 12.3 percent in the second quarter.

“We’re still in a very strong stage in the market,” Duckworth told TRD.

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