Brookwood Financial Partners has announced the disposal of Plaza 100, a 166,098 square foot Class-A office building located in downtown Fort Lauderdale. Zurich Asset Management, an alternative investment division of the international Zurich Insurance Group, paid $46.2 million for the 11-story building located at 100 Northeast Third Avenue. Brookwood acquired the property in April of 2014 for $32.5 million. Since re-entering the market in 2011, Brookwood and its affiliates have acquired 79 “value-add” office buildings for over $800,000,000 in suburban San Diego, Dallas, Boston, Philadelphia, New Jersey and South Florida. Brookwood was represented by Christian Lee of CBRE in Miami.
“We acquired the property at a time when the fundamentals of the Ft. Lauderdale office market were just starting to stabilize, and we believed that by investing targeted capital dollars in the building, we could increase both the property’s occupancy and rents,” stated Thomas W. Brown, Brookwood’s President and Director of Real Estate Acquisitions. “By executing quickly on our business plan and capitalizing on the continued improving market fundamentals, we were able lease the vacant space and renew existing tenants at rental rates approaching $23 per square foot, far in excess of the $15 – $16 per square foot rents we originally underwrote.”
