South Florida office property sells for $56m
Fairlead Commercial Real Estate has acquired the Bayview Corporate Tower, a 413,390-square-foot office property in Fort Lauderdale, Fla., for $56.3 million, or $136 per square foot.
The Marietta, Ga.–based real estate company bought the property from New Boston, which acquired the property for $60.06 million in 2007. According to a recent online listing, there is 101,867 square feet available for lease in the building at an asking rent of $16.50 to $17.00 per square foot.
The Fort Lauderdale CBD has seen improving office fundamentals during third quarter 2016, according to JLL.The 2016 year-to-date net absorption for the CBD is 105,449 square feet, up from 72,081 square feet in the first three quarters of 2015. Some 94,817 square feet of office space is under construction, a large increase from the 21,325 square feet under cons