FORT LAUDERDALE, FLA. —Stiles Property Fund (SPF) and Prudential Real Estate Investors have acquired New River Center, a 20-story Class A office tower in Fort Lauderdale’s central business district. The joint venture acquired the asset from Invesco Ltd for $108 million, or $383 per square foot.
New River Center is located at 200 East Las Olas Blvd. The building is 86 percent leased and includes 281,713 rentable square feet of office and ground floor retail space. Stiles developed the property in 1990.
“The opportunity for SPF to acquire prime office real estate on Las Olas Boulevard with upside potential made this investment very attractive,” says Kyle Jones, fund manager of Fort Lauderdale-based SPF. “We are looking forward to executing our business plan and creating further value at the property utilizing Stiles’ diverse range of services.”
New River Center is situated on 1.4 acres and includes views of the New River and downtown Fort Lauderdale. The property consists of a 12-story office tower above an eight-story parking garage with 675 spaces, as well as nearly 15,000 square feet of ground-floor retail. It is currently leased to tenants including Fifth Third Bank, Akamai, Yum! Brands, Brinkley Morgan and Stearns Weaver.
Following the acquisition, Stiles plans to implement its asset management best practices to drive further upside and additional synergies at New River Center. Stiles Leasing and Management will be engaged exclusively to handle the asset.
Stiles is a full-service commercial real estate firm. The company is responsible for more than 40 million square feet of office, residential, industrial, retail and mixed-use projects throughout the southeastern United States.
Prudential Real Estate Investors is the global real estate investment business of Prudential Financial Inc. The company has more than 650 employees located in 20 cities around the world, and has gross assets under management of $59.3 billion ($43.7 billion net) as of June 30, 2014.
— Danielle Everson