The Real Deal Miami

Law firm pays $5M for Fort Lauderdale office building

Steinger, Iscoe & Greene, P.A., paid about $200 psf for the building
August 24, 2017 12:45PM

2727 West Cypress Creek Road and Mark Rubin

A law firm facing the end of its lease just dropped $5 million to buy an office building in Fort Lauderdale, according to a press release.

Steinger, Iscoe & Greene, P.A., a law firm specializing in personal injury, scooped up a 24,976-square-foot building at 2727 West Cypress Creek Road for about $200 per square foot. The law firm has multiple offices in Central and South Florida including its existing location at 2400 East Commercial Boulevard in Fort Lauderdale  which it will soon vacate   as well as offices in Coral Gables and West Palm Beach.

Records show the seller is a Philadelphia-based law firm called Phelan Hallinan Diamond and Jones, PLLC. The company bought the office building under entity Camelot Properties of South Florida LLC in 2011 for $2 million. The building sits on a 1-acre lot and was built in 1979.

Robert Listokin, with Colliers International South Florida, represented the seller. Avison Young’s Mark Rubin represented the buyer.

Owner/user purchases are not uncommon in today’s rising rental rate and low interest rate environment, Rubin said in a statement, as owning a building instead of leasing can reduce occupancy costs.

Earlier this month, Office Depot paid $132 million to buy its headquarters building in Boca Raton. – Amanda Rabines