When an affiliate of Philadelphia's Legg Mason Real Estate acquired the 12-story, 450,000-sf office building at 6451 N. Federal Highway in north Fort Lauderdale earlier this year, the immediate concern was filling 200,000 sf of space vacated by BellSouth.
The purchase price of $25.24 million, or $56 per sf, not only allows for a $10-million investment in a building facelift, but seller BellSouth continues to lease almost half the facility.
Additionally, two surface parking lots to the north and south of the building totaling 8.5 acres are being sold off. Another surface parking lot to the west of the building will be used for a new five-level 1,500-space parking garage.
CB Richard Ellis Inc. is handling the building's leasing.
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