Bradford Allen Investment Advisors bought a two-building office complex in downtown Fort Lauderdale for $208 million, marking the biggest office sale this year.
Chicago-based Bradford Allen bought the Las Olas Centre I & II at 350 and 450 East Las Olas Boulevard from DWS Group, according to the buyer’s news release, which doesn’t include the price. A source familiar with the deal confirmed it’s $208 million.
Led by co-founders Jeffrey Bernstein and Laurence Elbaum, Bradford Allen plans more than $25 million in renovations, including to the conference rooms, gym and lobbies, the release and the company’s website say.
The 470,800-square-foot complex consists of an 18-story building at 350 East Las Olas, a 15-story building at 450 East Las Olas, a 1,344-space garage and retail space, according to property records and the release. The site spans 3.4 acres.
Las Olas Centre I & II are 76 percent leased, according to the source. Tenants include BNY Wealth, Wells Fargo, KPMG, Starbucks and Lobster Bar Sea Grille.
DWS, a German asset manager led by CEO Stefan Hoops, bought Las Olas Centre in 2014 for $204 million, according to records.
Bradford Allen, which also has a brokerage arm, was founded in 2003. It has properties in suburban Chicago, Jacksonville, Denver, Greenwich, Connecticut and other markets.
In the Chicago area, the firm plans a $130 million project with residences, retail buildings and a medical office. In October, Bradford Allen scored a $72 million construction loan for the project’s first phase, consisting of 301 units and 26,000 square feet of retail.
The Fort Lauderdale sale marks the first office deal in the city of over $200 million in nearly a decade. Over the past four years, the tri-county region became a magnet for out-of-state firms, prompting hefty leasing, record rents and an investment sales flurry. Much of the activity was in Miami and West Palm Beach, skipping Fort Lauderdale.
Even as elevated interest rates, skyrocketing insurance and a demand slowdown ended the investment sales frenzy, Miami’s Brickell has continued to score top office deals. In last year’s biggest sale, billionaire hedge funder Paul Singer’s Elliott Investment Management and Boca Raton-based Morning Calm Management bought the 33-story building at 701 Brickell Avenue for $443 million. In 2023, Monarch Alternative Capital and Tourmaline Capital Partners paid $250 million for 801 Brickell Avenue tower, marking that year’s top office sale.