The Real Deal Miami

Repossessed office tower in downtown Fort Lauderdale sells for $41M

Affiliate of Stockbridge Capital paid $110 psf for the 24-story Corporate Center
By Amanda Rabines | January 05, 2018 05:17PM

Corporate Center and founding principal of Stockbridge Terry Fancher (Credit: Regus and Stockbridge)

Corporate Center in downtown Fort Lauderdale just sold to an affiliate of Stockbridge Capital for $41 million, property records show.

The 24-story office building at 110 East Broward Boulevard, which spans nearly 369,000 square feet, sold for about $110 per square foot.

Corporate Center was repossessed by a commercial mortgage-backed securities trust as collateral from a company managed by Boston-based Cabot Investment Properties. Records show a foreclosure action was filed in 2013 against the affiliate.

GCCFC 2006-GG7 East Broward Boulevard, an affiliate of the CMBS trust with LNR Partners, sold the property for $34 million and the ground lease for $7 million.

CBRE’s Christian Lee represented the sellers.

Corporate Center was constructed in 1982 and renovated 17 years later. One of the largest tenants in the building is Branch Banking & Trust.

Stockbridge also recently bought a building in the Miami Design District for $22 million.