FORT LAUDERDALE, FLA. — A partnership between locally based office owner-operator CP Group and New York City-based investment manager Related Fund Management has acquired Las Olas Square, an office and retail complex in Fort Lauderdale.
The sales price was $144.5 million, according to The South Florida Business Journal. The local news outlet also reports that the seller was a partnership between Steelbridge Capital, Square2 Capital and Apollo Global Management.
Las Olas Square consists of a 17-story office building and a three-story office and retail building. Combined, the two buildings total 267,000 square feet.
The larger office building features structured parking, meeting and conference facilities, and newly created outdoor amenity spaces. The previous owner recently completed a multimillion-dollar renovation of the lobby, common areas and restrooms. Suites are equipped with motion-activated lighting systems and floor-to-ceiling windows.
Retail tenants at Las Olas Square include restaurant Del Frisco’s Grille, Truist Bank and Spaces, a coworking concept.
Part of the appeal of Las Olas Square is the strong pipeline of multifamily developments that are underway in the area, as well as the location at a “main and main” intersection within the city’s urban core, according to Brett Reese, senior vice president at CP Group. The location also puts Las Olas Square in close proximity to the Brightline public transit station, as well as Fort Lauderdale/Hollywood International Airport.
“Las Olas Square is a rare, generational asset located in one of the fastest-growing submarkets in South Florida,” says Reese.
The new ownership plans to further enhance the complex through the improvement of the lobby, common areas and outdoor spaces, as well as the addition of a café. Cushman & Wakefield will remain the property’s leasing agent.
— Taylor Williams