Broward Financial Center Trades for $112M

MIAMI—Broward Financial Center, a 324,429-square-foot, class A office property in Fort Lauderdale, FL, has traded hands. DRA Advisors sold the asset to AGS Property Corporation for $112 million free and clear of existing debt.

HFF senior managing director Hermen Rodriguez, executive managing director Manuel De Zárraga, director Ike Ojala, and associate director Jorge Portela represented the seller. Rodriguez tells GlobeSt.com, “This transaction shows the depth of the Fort Lauderdale Central Business District market and its attractiveness to foreign investors who are being drawn to the concept of a 24-hour downtown.”

Broward Financial Center is located at 500 East Broward Boulevard at the intersection of Broward and South Federal Highway in Fort Lauderdale's Central Business District. The 24-story building has views of the Atlantic Ocean from its northeastern and eastern sides in addition to the upper floors of the southern side. 

Completed in 1986 and renovated in 2007, the office building offers on-site casual and fine dining restaurants, a conference center and full-scale gym. Broward Financial Center is 90% leased to a tenant roster that includes Sun-Sentinel Company; Fox Sports Net Florida, Inc.; Premiere Beverage Company, LLC; Northwestern Mutual; Morton's Restaurant Group, and Charles Schwab & Co. Inc.

HFF director Chris Drew and senior managing director Paul Stasaitis arranged a $61 million, 10-year, fixed-rate loan for AGS through Morgan Stanley Mortgage Capital. HFF is servicing the securitized loan.