Las Olas' Bank of America Plaza Sells for $164 Million

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(FORT LAUDERDALE, FL) -- Stiles Realty just announced the sale of Bank of America Plaza at Las Olas City Centre (LOCC) to 401 East Las Olas LLC, an entity owned by an institutionally managed real estate fund.

LOCC is a 408,079-square-foot office tower located at 401 East Las Olas Boulevard in the central business district of downtown Fort Lauderdale. The fund acquired the property, currently 95% leased, for approximately $164 million.

"This transaction is a testament to the viability and quality of real estate in the Fort Lauderdale area as well as our ability to create value for our partners and execute on our asset strategy," said Rocco Ferrera, Stiles Chief Investment Officer. "Considering the significant recent transactions in this market and current demand for core assets, the partnership felt this was an opportune time to market the property for sale."

LOCC is a Class-A 23-story office and retail building developed by Stiles in 2002 and owned in partnership with local investors. In 2005 San Francisco-based real estate investment group Shorenstein Properties purchased a majority interest in the partnership. Stiles has handled the leasing and property management of the building since its inception. This state-of-the-art office and retail complex includes a five-story 1,042 space parking garage and a pedestrian-friendly high-volume plaza with direct frontage on the trendy, urban Las Olas Boulevard. The building is Energy-star rated and has won numerous awards for its craftsmanship, rich finishes, quality architecture, spacious floor plates and expansive ocean views.

Stiles Property Management and Stiles Realty will be retained to manage and lease the property. Stiles has provided the property management and leasing for LOCC since its development, and is credited with reducing expenses at the building while keeping the occupancy rate at one of the highest on Las Olas Boulevard. As the largest commercial property management firm in Fort Lauderdale, and the third in South Florida, Stiles Property Management was awarded third-party contracts for more than two million square feet in the last year, bringing its total portfolio to nearly seven million square feet. Stiles Realty, with more than six million square feet in its portfolio, is responsible for about 50% in third-party leasing projects.

Marketed through commercial real estate and capital markets services firm Holliday Fenoglio Fowler, L.P in 2011, the landmark tower was well received by the investment community. The property serves world-class office tenants, such as Bank of America, Guarantee Insurance, Greenberg Traurig and UBS Financial Services, as well as numerous national retailers on the ground floor.

"LOCC is and will continue to be one of South Florida's defining office buildings" says Hermen Rodriguez, Senior Managing Director at HFF.

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