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FORT LAUDERDALE-Miami-based Bush Development Group LLC has acquired a 13-story, 163,000-sf office building at 2455 E. Sunrise Blvd. for $27.6 million with plans to convert it to office condominiums.

The building, formerly known as the International Building, will be known as Galleria Corporate Centre after the conversion. Built in 1968, the building has office sizes ranging from 800 to 12,000 sf and is located across from the Galleria Mall. The property will undergo $3.5 million in improvements, including a new building facade, refurbished lobby, upgraded bathrooms and improved elevators, landings and storage area. Bush Development Group has also completed the conversion of an office building at 1000 Brickell Ave.

Bush Development Group principal Hank Bush tells GlobeSt.com that one sale has been completed to an existing tenant in the building. The project is expected to be completed in the fourth quarter 2006 or first quarter 2007. “Historically, office ownership was afforded to only a select investor group,” Bush says. “These investments consisted of purchasing an entire property and thus eliminating the opportunity for a vast group of owners/investors to accumulate wealth and act as landlords.”

Bush adds that the building’s location, midway between Downtown and the Bayview/Coral Ridge neighborhood, is among its attributes. “It’s a good location for tenants who don’t want to deal with the traffic getting downtown but also want accessibility to Downtown,” Bush says.

The property sales will be headed by the South Florida offices of Cushman & Wakefield and professionally managed by the Allen Morris Co. Cushman & Wakefield senior director Alan Kleber is bullish about the property’s potential. “This is a tight leasing market coupled with almost non-existent quality office condominium offerings,” Kleber says. “The initial reaction from current tenants and numerous small and mid-level businesses has been very positive.”

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