Grover Corlew Buys Discounted Fort Lauderdale Tower for $70M

Development company Grover Corlew has paid $69.7 million for 200 East Broward in Downtown Fort Lauderdale, making it the latest office building to sell for a discount in the South Florida submarket. 

The 21-story tower features 235,211 square feet of office space adjacent to Southeast Third Avenue, and across the street from a federal courthouse. The 447,253-square-foot property — which is 75 percent occupied — was built in 1991, according to a representative for the Boca Raton-based investor.

Grover Corlew, led by principals Mark Corlew and Anuj Grover, plans to spend $20 million over the next two years updating the building to add an amenity deck with a gym and conference facilities.

JLL’s Hermen Rodriguez and Ike Ojala brokered the sale, which resulted in a nearly 15 percent loss in value for the seller, Banyan Street Capital, which dropped $81.5 million to acquire the asset in 2017, according to property records. (A representative for the Miami-based Banyan Street did not immediately respond to a comment.)

In recent years, a slew of office towers in Fort Lauderdale have sold at a discount. 

In September, Moishe Mana bought the 30-story 110 Tower for $89 million, about 21 percent less than the $112.9 million the seller had paid a decade ago. Last year, German asset manager DWS sold two office buildings for over $400 million, about the same it had paid. 

Julia Echikson can be reached at jechikson@commercialobserver.com.