Stiles and Prudential Real Estate Investors announced the acquisition of 200 East Las Olas today for $108 million.
Also known as “New River Center,” or the “Property,” the 20-story office tower is located directly on Las Olas Boulevard in dowtown Fort Lauderdale’s business district.
The 1.4-acre property, developed by Stiles in 1990, was bought from Invesco Ltd. for $383 per square foot. It’s currently 86 percent leased and covers 281,713 rentable square feet, according to a news release. The property houses a 12-story office tower, an eight-story parking garage with 675 spaces, and nearly 15,000 square feet of ground-floor retail.
“We are proud to once again partner with Prudential Real Estate Investors, one of the nation’s top commercial and residential investment groups,” said president of Stiles Doug Eagon in a news release. “As its original developer, we have come full circle with New River Center. Given our deep knowledge of the asset, the property’s upside potential and the robust market outlook, this acquisition fit well with our investment strategy.” — Kristina Puga