Investcorp owns 70% of the joint venture, and Koger owns 30%. Koger will provide leasing and management of the property.
The landmark 24-story, 325,000-sf, class A office building is located at 500 E. Broward Blvd. at the intersection of Federal Highway (US Highway 1). The building is 88% leased and its tenant roster includes Franklin Templeton Corporate Services Inc., the GSA (US Attorney's Office) and Citibank.
Built in 1985, the Broward Financial Centre underwent major renovations between 1996 and 2002. It is the third-biggest class A office building in the city's central business district.
The New York-based investment group Investcorp had 2002 investments of approximately $750 million. Its portfolio includes office, industrial and multifamily properties. Koger Equity owns and operates 128 office buildings with 9.4 million rentable sf, mainly in 19 suburban office projects in 10 cities in the Southeastern US and Texas.
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