Deutsche Bank, JP Morgan Make $145M CMBS Loan for Lone Star’s Fort Lauderdale Office
Lone Star Funds bought the 23-story tower on Feb. 14 in a joint venture purchase
By Brian Pascus February 18, 2025 11:16 am
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Private equity firm Lone Star Funds has secured $145 million in acquisition financing to buy Bank of America Plaza at Las Olas City Centre, a 23-story office complex in Downtown Fort Lauderdale, Fla., in a joint-venture purchase, Commercial Observer has learned.
Square2 Capital, Highline Real Estate Capital and Lone Star Funds paid more than $220 million for the office tower, according to a source familiar with the transaction previously told CO. In 2016, DWS’s RREEF Property Trust purchased the high-rise in 2016 for $220 million, according to property records.
Deutsche Bank (DB) and J.P. Morgan provided the five-year, fixed-rate loan, which will be packaged into a commercial mortgage-backed securities conduit security. CBRE (CBRE)’s Tom Rugg, Tom Traynor, Adam Spengler and Amy Julian arranged the financing.
Located at 401 E. Las Olas Boulevard in Fort Lauderdale, Las Olas City Centre opened in 2001 as the Bank of America Plaza.
The tower spans nearly two-and-a-half city blocks and is more than 410,000 square feet. The building is defined by its 42-foot crown of ziggurat-style setbacks. The pyramid-shaped roof has become an indelible part of the Fort Lauderdale skyline for the last 24 years, as it is able to be lighted up at night into different colors.
The building’s occupancy currently sits at 96 percent, according to CBRE. Tenants at the office complex include Bank of America, Greenberg Traurig and Boies, Schiller & Flexner.
Lone Star Funds did not respond to requests for comment.
Brian Pascus can be reached at bpascus@commercialobserver.com.
