The Real Deal Miami

In-Rel Properties sells downtown Fort Lauderdale office building

Investor Asuman G. Polat paid $9M for the building built in 1987
By Keith Larsen | March 13, 2019 02:30PM

In-Rel Properties’ Kirk Cypel and 600 South Andrews (Credit: LoopNet)

Updated, March 14 2:52 p.m. A company tied to In-Rel Properties sold a six-story office building in downtown Fort Lauderdale for $9 million.

Lake Worth-based In-Rel sold the nearly 40,000-square-foot building at 600 South Andrews Avenue for $225 per square foot, records show. Asuman 57th Street LLC, led by private investor Asuman G. Polat, bought the building. It was built in 1987.

Sara Gayer of Douglas Elliman represented the buyer and seller in the deal.

The building houses a number of law offices and the bank branch of Bank OZK, one of South Florida’s most active condo construction lenders. The office property was last purchased in 1991 for $2.7 million, records show.

In-Rel Properties, a privately held real estate investment firm, owns a number of commercial properties across the Southeast, including the 200 Lake Avenue office building in Lake Worth. It also owns the 4100 Okeechobee Building in West Palm Beach.

In September, Asuman bought three commercial buildings in Coral Springs, including the Waterway Shoppes, for $42.95 million. The same month, Asuman sold a development site at 41 West 57th Street in New York City for $80 million to Turkish developer Sedesco.

Downtown Fort Lauderdale has seen a big uptick in new investment over the past few years.

According to a report by Colliers International South Florida, office rents skyrocketed from an average of $10 per square foot in 2013 to $34 per square foot in 2018. The average rent per month for a one-bedroom apartment increased by $200 to $1,954 during the same time period.