Law firm pays $5M for Fort Lauderdale office building

Steinger, Iscoe & Greene, P.A., paid about $200 psf for the building

Aug.August 24, 2017 12:45 PM

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 

Related Articles

From left: Tim Elmes of Compass, Barry Minoff and 1831 Southeast 9th Street

Pharmaceutical mogul sells Fort Lauderdale estate for $21M

Dev Motwani, Johnny Allison, and 2401 West Broward Boulevard (Credit: Google Maps)

Dev Motwani nabs loan for Fort Lauderdale project

Bob Gordon with 2401 Solar Plaza Drive (Credit: Redfin)

Political power couple sells Fort Lauderdale home

Kevin R. Kreutzfeld of Premier Estate Properties and 1408 West Lake Drive

Waterfront home in Fort Lauderdale’s Harbor Beach sells for $11M

22 Isla Bahia Drive and Steven Romaniello

Harbor Beach home sells for $8 million

Niki Higgins of Douglas Elliman and 220 North Compass Drive (Credit: Douglas Elliman and Trulia)

Fort Lauderdale mansion with stock trading room sells for $12M

Renderings of the penthouse and Fredrik Eklund (Credit: Four Seasons Private Residences Fort Lauderdale)

Fredrik Eklund tapped to list $35M PH in Fort Lauderdale

Alan Hooper and 516 Northwest 1st Avenue (Credit: Google Maps)

FATVillage developer buys missing piece for mixed-use project