Bulk office condos at the Galleria Corporate Centre hit the market

Miami /
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.


Related Articles

arrow_forward_ios
From left: 707-715 Southwest Fifth Street, Dania Beach; 2901 Northwest 18th Street, Fort Lauderdale; and 801-805 Northwest 10th Street, Hallandale Beach (Google Maps)
GDF Properties scoops up Broward multifamily portfolio for $17M
GDF Properties scoops up Broward multifamily portfolio for $17M
1600 Ponce De Leon Drive, Fort Lauderdale (Google Maps)
Tech company founder sells waterfront Fort Lauderdale mansion for $17M
Tech company founder sells waterfront Fort Lauderdale mansion for $17M
Chad Johnson and 1300 Brickell Drive, Fort Lauderdale (Lady Jane's)
Barbershop founder drops $7M on waterfront mansion in Fort Lauderdale
Barbershop founder drops $7M on waterfront mansion in Fort Lauderdale
John Rosatti and 315 Royal Plaza Drive, Fort Lauderdale (Google Maps)
BurgerFi founder sells waterfront Fort Lauderdale mansion for $7M
BurgerFi founder sells waterfront Fort Lauderdale mansion for $7M
Scottie Pippen and 2571 Del Lago Drive, Fort Lauderdale (Getty, Compass)
Scottie Pippen relists Fort Lauderdale estate for $12M
Scottie Pippen relists Fort Lauderdale estate for $12M
Gustavo Carbonell and a rendering of Progresso Village
Mixed-use apartment project planned for Fort Lauderdale’s Progresso Village
Mixed-use apartment project planned for Fort Lauderdale’s Progresso Village
Location Ventures CEO Rishi Kapoor and a rendering of the project. (Location Ventures)
Location Ventures lands financing on Ft. Lauderdale condo project
Location Ventures lands financing on Ft. Lauderdale condo project
Vision Properties’ Fred Arena and Steelbridge’s Gavin Campbell with 5900 North Andrews Avenue (Google Maps)
Vision Properties pays $44M for Cypress Creek offices
Vision Properties pays $44M for Cypress Creek offices
arrow_forward_ios

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

Loading...