Thank you for sharing!

Your article was successfully shared with the contacts you provided.

FORT LAUDERDALE, FL-Equipped with a $20-million loan from Des Moines-based Principal Life Insurance Co., Stiles Capital Partners, which is based here, has bought First Fort Lauderdale Place, a class A office building in the CBD, for an undisclosed price. The 11-story, 165,757-sf building is 73% occupied, and major tenants include Ernst & Young, Oppenheimer, RSM McGladrey and Prudential.

Fred Welker and Bob Bradley, managing directors of the Miami office of Holliday Fenoglio Fowler, arranged the loan from Principal Life. It has a five-year term and a fixed rate of 5.1%, according to Welker. Dan Carlo, senior managing director, and Danny Finkle, director in the same HFF office, represented the seller, which is identified only as a major institutional owner of real estate. The property was clear of debt at the time of the transaction.

Carlo tells GlobeSt.com the building “has enjoyed a high tenant-retention ratio and has substantial value creation opportunities through lease-up.” He also suggests the location just north of Broward Boulevard will benefit long-term because of the significant amount of new residential development underway nearby. Calls to Stiles were not returned by deadline.

The full-service rental rate for stabilized office buildings in the CBD is $29 per sf, according to a second-quarter report from the local office of Jones Lang LaSalle, which says the Downtown direct vacancy rate decreased from 19.3% in the first quarter of this year to $18.1%. The report also notes that the proposed Stiles development of 200 Brickell, a 144,000-sf building near Los Olas Riverfront, is currently on hold and adds that Stiles’ “inventory exceeds one million sf of class A space within this prestigious corridor and dominates the area with a near 30% market share.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.