Alliance buys One Financial Plaza in downtown Fort Lauderdale

28-story Class A building last sold in 2017 for $86.8M

Oct.October 02, 2019 02:30 PM
One Financial Plaza with Clay Hamlin III and Jay Shidler of Alliance HSP (Credit: Google Maps)

One Financial Plaza with Clay Hamlin III and Jay Shidler of Alliance HSP (Credit: Google Maps)

UPDATED, Oct. 2, 5 p.m.: Alliance HSP paid nearly $82 million for the One Financial Plaza office tower in downtown Fort Lauderdale, as part of a larger purchase that includes the land underneath the building.

Walton Street Capital and Crocker Partners, via W-Crocker Fin Place Owner VIII LLC, sold the building at 100 Southeast Third Avenue to OFP Fort Lauderdale LLC for $81.9 million. The buyer is controlled by Alliance HSP, a real estate investment firm based in Bryn Mawr, Pennsylvania. Alliance is an affiliate of The Shidler Group, also a real estate company.

In a separate deal for the land underneath One Financial Plaza, Terra Funding-OFP LLC, also tied to Alliance, paid $35.1 million. The buyer of the land signed a 99-year ground lease with the buyer of the building.

Alliance has structured other deals like this, including the recent sale of a downtown Chicago office building to Golub & Company. In that deal, Shidler owned the land.

Melissa Rose, Dave Jacobs and Chris Gathman of Ackman-Ziff arranged the financing for the Fort Lauderdale office building. CBRE’s Christian Lee and José Lobón represented the seller.

The 28-story, 276,572-square-foot Class A office building was built in 1972 on a 4-acre property, and was originally known as the Landmark Bank Tower. When it opened, it was the tallest building in Fort Lauderdale, and is now among the 10 tallest in the city.

It last sold in February 2017 for $86.75 million.

Tenants include the Tower Club restaurant on the penthouse level, anchor tenant Regions Bank, Pipeline Workspaces, AXA Advisors and Fowler White Burnett.

The building includes an attached parking garage, lobby, gym and conference space.

The office tower is about two blocks away from Las Olas Boulevard, which is going through a commercial and residential resurgence. The South of Las Olas district is also seeing increased investment and new projects.

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