IP Capital Partners has closed on the $113 million purchase of 110 Tower, an office building in Fort Lauderdale’s central business district. The 394,830 sqf, 30-story, Class A office tower was built in 1988 and traded for $268 per sqf. The building features 22 stories of offices, five stories of structured parking, two stories of mechanical space and ground-floor retail and parking. On-site amenities include restaurants, a health club, a full-service bank, as well as conference and entertainment facilities. Cushman & Wakefield’s Capital Markets brokerage team represented the fund that sold the building, Genesis Capital Partners XI Ltd.
“The CBD has evolved into a true live, work and play environment, which is driving strong demand for office space,” said Executive Director Mike Davis, Cushman & Wakefield. “Despite the growth in residential construction and population within the CBD, however, there is currently no new Class A office construction. With growing demand and no new supply, rental rates and occupancies in the Fort Lauderdale CBD are expected to continue to grow well into the future.”
