Venture Led by Pebb Capital Buys Fort Lauderdale Office Tower for $43M
By Julia Echikson May 16, 2023 6:00 pm
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A Pebb Capital-led joint venture paid $43 million for an office tower in Downtown Fort Lauderdale, the buyers announced.
The 24-story property is at 110 E Broward Boulevard, half a mile east of the city’s Brightline station.
Before closing the acquisition on Monday, the joint venture — which includes Intalex Capital and CDS International Holdings, the family office of billionaire Carl DeSantis — had already secured about 76,000 square feet of new tenancy for the 343,500-square-foot building.
The property is now about half occupied, said a spokesperson for the joint venture. The partnership is in talks to secure tenants for another 125,000 square feet, with Travis Herring and Katherine Ridgway of Cushman & Wakefield leading the negotiations.
The new owners also plan a “multimillion-dollar renovation” to common areas, including bathrooms, fitness center, terraces and lobby, per the announcement.
Amerant Bank provided a $48.5 million loan, of which $14.9 million was lent at the closing. Lantern Real Estate‘s David Strongwater and Nick Godfred arranged the debt.
The seller, Stockbridge Capital, a San Francisco-based investor, bought the property out of bankruptcy in 2017 for $41 million. A representative for Stockbridge did not immediately respond to a request for comment.
Julia Echikson can be reached at jechikson@commercialobserever.com.
