Grover Corlew has acquired 200 East Broward, a 21-story office tower in downtown Fort Lauderdale, for $69.7 million. The purchase adds a major commercial property to the firm’s Broward County holdings. Grover Corlew plans to spend another $20 million over two years on renovations and new tenant amenities.
Key takeaways
- Grover Corlew bought the 235,211-square-foot Class A tower from Banyan Street Capital.
- The $69.7 million sale price is below the $81.5 million paid by Banyan Street Capital and Oaktree Capital Management in 2017.
- Planned upgrades include modernized elevators and lobby, an amenity deck, a gym, conference facilities, and updated tenant finishes.
A downtown office tower changes hands
The property, located at 200 East Broward, is a 21-story, 235,211-square-foot Class A office building. Banyan Street Capital sold the tower to Grover Corlew. Banyan Street Capital and Oaktree Capital Management had acquired it in 2017 for $81.5 million, about $11.8 million more than the latest sale price.
JLL represented the seller in the transaction, with Hermen Rodriguez and Ike Ojala handling the sale. JLL’s Paul Stasaitis arranged debt financing, which was provided by BridgeInvest.
$20 million renovation program planned
Grover Corlew intends to invest approximately $20 million in improvements over the next two years. The work is expected to modernize the building’s elevators and main lobby and add an amenity deck featuring a gym and conference facilities. The plan also calls for upgraded tenant finishes.
The announced improvements are aimed at refreshing the property’s shared spaces and amenities. The source did not provide a construction schedule or details on whether work will be completed in phases.
Acquisition builds on Broward County presence
The purchase adds to Grover Corlew’s activity across Broward County. In Fort Lauderdale, the firm is also developing Mayla Cypress, a 312-unit luxury apartment community in the city’s Uptown Urban Village, within the Cypress Creek business corridor.
Together, the office acquisition and residential development represent investments in different parts of the local property market. The company’s plans for 200 East Broward place a substantial portion of its near-term investment in the downtown office building.