Moishe Mana has acquired 110 Tower, a 30-story office building in downtown Fort Lauderdale, for $89 million. The purchase marks the Miami developer’s first investment in Broward County and comes at a substantial discount to the seller’s 2016 price. Mana financed the deal with two loans totaling $66 million from City National Bank of Florida.
Key takeaways
The acquisition extends Mana’s real estate activity beyond Miami into a major Broward County office market. The property is a renovated, 394,000-square-foot tower with limited space currently advertised for lease.
- Purchase price: $89 million
- Property: 110 Tower, 110 SE Sixth St., Fort Lauderdale
- Financing: Two loans totaling $66 million
- Seller: Gem Realty Capital
A first for Mana in Broward County
Mana, one of downtown Miami’s largest landowners, has more than 80 buildings in his portfolio, according to Bisnow. The Fort Lauderdale purchase is his first venture in the city and the wider Broward County market, adding a significant office asset outside his established Miami footprint.
The seller, Gem Realty Capital, paid $112.9 million for the tower in 2016. Mana’s $89 million purchase is $23.9 million below that amount, a difference of about 21%. The transaction records cited in the report identify the purchase price and financing but do not explain the parties’ reasons for the sale or the pricing.
Tower offers a large downtown office footprint
Built in 1987 and renovated in 2015, 110 Tower rises 30 stories at 110 SE Sixth St. The building totals approximately 394,000 square feet. A Colliers listing cited by Bisnow showed up to 9,280 square feet available to lease.
The purchase adds a substantial office property to Mana’s holdings as he enters a new local market. Its leasing availability offers prospective tenants space in a central Fort Lauderdale location, while the scale of the building makes it one of the more prominent assets in the deal.
Financing covers most of the acquisition
Mana used two loans from City National Bank of Florida, totaling $66 million, to finance the transaction. The combined loans amount to roughly 74% of the $89 million purchase price. The reported details do not specify the loans’ individual amounts or terms.