CBRE Arranges the Sale and Financing of Bank of America Plaza at Las Olas City Center in Fort Lauderdale, Florida

CBRE Capital Markets has facilitated the sale and acquisition financing of Bank of America Plaza at Las Olas City Center, a 23-story, 410,561-square-foot trophy office building located at 401 E Las Olas Boulevard in Fort Lauderdale, Florida. Comprising a full 2.4-acre city block, the Property provides exceptional views and frontage on four streets.

CBRE’s Institutional Office Group, led by Vice Chairman Christian Lee and Vice President Sean Kelly, represented the seller, a global investment manager. CBRE's Debt & Structured Finance Group, led by Vice Chairmen Tom Traynor and Tom Rugg, Senior Vice President Amy Julian, and First Vice President Andrew Chilgren, represented the buyer in sourcing acquisition financing. The buyer is an affiliate of Lone Star Real Estate Fund VII, L.P., along with an affiliate of Highline Real Estate Capital LLC and Square2 Capital LLC. The CBRE team also included Director Adam Spengler, Senior Associate Tom Rappa, Associate Henry Fenmore, and Financial Analyst Matthew Lee.

“Office properties in Fort Lauderdale’s CBD have thrived in the 2020’s, with strong absorption, sharp rent growth and declining vacancies. This is particularly true for top tier assets, which have outperformed because of an escalating flight to quality,” said CBRE Vice Chairman Christian Lee.

“With soaring construction costs and a dearth of remaining development sites in the Las Olas corridor, future supply will be tightly constrained and will result in continued strong rent growth for the area,” added CBRE Vice President Sean Kelly.