Alliance Partners HSP Pays $117M for Fort Lauderdale Tower
Crocker Partners, which has been retained as the property management team for the 28-story tower, kept a 1.9-acre site for a new multifamily project adjacent to the office building.
FORT LAUDERDALE, FL—The One Financial Plaza office tower has been sold by Boca Raton, FL-based Crocker Partners for $117 million to Alliance Partners HSP of Bryn Mawr, PA.
The deal comes after Alliance Partners HSP sold the GrubHub’s headquarters in Chicago to joint venture of Golub & Co. and The Family Office Company B.S.C. of New York City for an undisclosed price.
Crocker Partners has been retained as the property management team for the 28-story Class A office building under the new ownership. In addition, Crocker Partners retained a 1.9-acre site for a new multi-family project adjacent to the office building.
The firm purchased the 283,000 square-foot building in 2017 for approximately $86 million. Over the two-year period, modernized and repositioning One Financial Plaza to compete in Fort Lauderdale’s fast-growing CBD market.
Recent capital improvements includer a new ground floor façade, common area upgrades, the addition of 2,500 square feet of new retail space, as well as roadway and sidewalk improvements.
“One Financial Plaza has been among the most desirable office buildings in the CBD. With the recent capital improvements that position is enhanced for the long-term,” says John Osborne, SVP at Crocker Partners. During Crocker’s ownership, One Financial Plaza drew premier, new tenants such as Convey Healthcare, which leased three floors totaling 34,000 square feet and the renewal of the property’s anchor tenant Regions Bank.
Since 1993, Crocker Partners has acquired and managed more than 149 properties, totaling 44.3 million square feet representing $5.2 billion invested. The company is currently Florida’s largest office landlord and has offices in Miami, Jacksonville and Atlanta.