Get your business listed on the Best Local Business Listing Network on the web!  

A Newly Restored Office Building On Las Olas Boulevard Has Sold For $144.5 Million

Another indicator of the city’s office-market recovery was the Las Olas Square property in downtown Fort Lauderdale, which sold for a 60% increase in value from its previous sale.

The price was $144.5 million, according to persons familiar with the transaction.

Steelbridge Las Olas West LLC, a joint venture between Miami-based Steelbridge Capital, Coconut Grove-based Square2 Capital, and New York-based Apollo Global Management, recently sold the offices at 501 and 515 E. Las Olas Blvd., totaling 267,955 square feet of rentable space. The purchase was a joint venture between Boca Raton-based CP Group and New York-based Related Fund Management, which is run by Miami Dolphins billionaire owner Stephen M. Ross. The price per square foot was $539.

CBRE’s Christian Lee and Andrew Chilgren advised the seller in the transaction, and CBRE’s Amy Julian assisted the buyer in obtaining a $121 million financing.

In 2016, the buildings were sold for $90 million. The owners sold a portion of the parking lot to Miami-based Related Group for $20 million in 2020 to create an apartment tower, which is now under construction.

After finishing renovations and bringing in new tenants, Square2 principal Jay Caplin said it was the appropriate moment to sell.

The three-story structure at 501 E. Las Olas Blvd., which is part of the Las Olas Square complex, was gutted down to the concrete and reconstructed with glass to give it a “jewel box” appearance. It was first constructed in 1972. It was entirely leased before the repair was completed, he said. New tenants include coworking firm Spaces and Del Frisco’s Grille, in addition to the Truist Bank branch.

The 17-story building at 515 E. Las Olas Blvd., which was built in 1992, is around 80% occupied, according to Caplin. Many tenants, including law firm Holland & Knight, have renewed their leases. According to him, Carrot Express will open a restaurant on the ground floor.

Caplin stated, “Tenants are returning to the workplace.” “They’re focusing on creating an interactive workspace with perks.” Because we have a 4% unemployment rate and a fierce competition for talent, firms require more appealing office premises.”

The Related Cos. has been aggressively investing in offices in downtown West Palm Beach, and the CP Group is the largest owner of office space in South Florida. They intend to finish the lobby, common areas, and outdoor spaces, as well as install a café.

“Las Olas Square is a unique, generational asset located in the center of Las Olas, Fort Lauderdale’s urban core and one of South Florida’s fastest expanding submarkets,” said Brett Reese, senior vice president of CP Group. “The buildings are in a prime position, close to a plethora of walkable amenities and a robust pipeline of multifamily buildings under construction in and around the neighborhood.”

Cushman & Wakefield’s Travis Herring and Katherine Ridgway will continue to represent the property as leasing agents.

The sale comes as many white-collar workers in downtown Fort Lauderdale return to the workplace after remote work became the norm for many during the Covid-19 pandemic’s peak.

Scroll to Top