FT. LAUDERDALE, FL-The Las Olas Centre, a two-building officecomplex spanning 469,353 square feet in the Las Olas corridor, hassold for $170 million. San Antonio-based USAA Real Estate Companyaffiliates US Republic Core Fund and U.S. Premier Office Equitiespurchased the towers from BF Las Olas, LLC, an entity ofWachovia/Wells Fargo.

BentleyForbes paid $230.9 million for the complex in 2007, butlost the property to foreclosure after defaulting on a $166 millionloan to Wells Fargo. USAA Real Estate paid about $362 for thetowers, more than $100 a foot less than some analysts expected.Still, the class A property is the highest-priced office buildingtransaction in South Florida this year.

"Downtown Fort Lauderdale, with its central location in theSouth Florida tri-county area, has remained an address of choicefor businesses," says USAA Real Estate Company Chairman and CEO PatDuncan. "Las Olas Centre embodies the quality in design andlocation that has attracted a stable tenant base, making the asseta premium addition to our portfolio."

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