FORT LAUDERDALE, FL—After acquiring the office asset from a CMBS lender in April 2012, Bristol Group just took the lid off plans for a multi-million dollar renovation to one of Northwest Broward County's largest office buildings. Formerly known as the Preferred Exchange Tower before a $24 million foreclosure action, Bistrol and Butters Construction & Development, the new owners, have renamed the office building University Place at City Center.

Beginning in March, Bristol is planning a series of renovations to upgrade and modernize the office building's sweeping lobby atrium, along with a full redesign of its front retail façade. The project is being co-developed with Butters.

"We saw an opportunity to acquire and reposition a strategic South Florida asset in the Coral Springs market at a very competitive price," says Dave Williams, senior vice president with Bristol. "Retail has been an afterthought in recent years at this project. Our objective is to reconnect the building's retail to the rest of the vibrant downtown Coral Springs area and to make University Place at City Center a focal point for the local community."

Located at 3111 North University Drive, Bristol purchased the 205,000-square-foot, 10-story office building in late December from a CMBS special servicer. Terms of the all-cash deal were not disclosed.  

The rebranding is the first step in Bristol's multipronged strategy to reposition the office  building as Broward County's premier suburban corporate center. The tower anchors Coral Springs' main business district and has several amenities unique to the market, including a parking garage providing direct access to the building and a lobby atrium complete with onsite retail.  The new retail store fronts will tie the building into the heart of Coral Springs' main retail corridor along University Drive just south of Sample Road.

"This building was 90% leased five years ago and was always regarded as one of the best office buildings in west Broward," says Malcolm Butters, president of Butters. "We are confident that within a few years this building will regain its stature."

Darcie Lunsford and Molly McDonough, both senior vice presidents at Butters, will oversee leasing. University Place at City Center's current tenant roster includes Scarborough Research, Community Bank of Broward, and IPS Worldwide.