Grover Corlew has bought the 21-story office tower at 200 East Broward Boulevard in downtown Fort Lauderdale for $69.7 million, JLL announced Monday, November 2. The investment manager acquired the 235,211-square-foot building from Banyan Street Capital with financing from BridgeInvest.
The broker’s announcement separates the purchase price from a $63.4 million acquisition, leasing and renovation loan. BridgeInvest funded $46.2 million at closing; another $17.2 million is designated for future tenant improvements, leasing commissions, speculative office suites and capital work. The full loan amount was not all advanced at closing.
JLL described the initial loan term as three years, with an additional two years of term associated with the future funding. It did not disclose the interest rate. BridgeInvest made the loan through its Credit Fund V, according to the release.
The building was constructed in 1992 and renovated in 2017. It is 75% leased, with tenants including law firm Greenspoon Marder and PNC Bank, JLL said. The release also describes 532 parking spaces across two garages, a café and conference facilities.
The purchase gives Grover Corlew an existing downtown office building with a renovation and lease-up plan, rather than a ground-up development. The announced financing provides a separate pool for future property and leasing costs; it is not an additional amount paid to the seller.
JLL represented Banyan Street in the sale and worked for the buyer on the financing. Its investment-sales team was led by Hermen Rodriguez, Ike Ojala, Matt McCormack and Hunter Smith. Paul Stasaitis and Magnus Kron led the debt-advisory work, while Danny Alvarez and Luke Wheatly originated the loan for BridgeInvest.
Rodriguez cited recent anchor-tenant renewals and the building’s position near the Las Olas corridor as reasons for the transaction. Those are the broker’s views of the investment opportunity, not a guarantee of future leasing gains or returns.
The announcement did not identify the exact closing date, the buyer’s equity contribution or a timetable for completing the capital program. The transaction adds to Grover Corlew’s office and multifamily holdings in the southeastern United States, with the new owner now responsible for the tower’s next leasing and investment phase.
JBizNews Desk | Fort Lauderdale
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