Firm will invest over $25 million to upgrade the 470,810-square-foot office complex, its first acquisition in South Florida
Bradford Allen Investment Advisors today announced it has purchased 350 and 450 E. Las Olas Blvd. and will invest over $25 million to upgrade the 470,810-square-foot office complex, the firm’s first acquisition in South Florida. Bradford Allen also will be providing asset and property management services for the property.
Bradford Allen plans to renovate the lobbies and put in technologically advanced conference rooms, a state-of-the-art fitness center and outdoor space to create the best-in-class offering in the market, according to Larry Elbaum, principal and co-founder of Bradford Allen.
“350 and 450 E. Las Olas occupy what’s generally regarded as the most desirable office location in downtown Fort Lauderdale,” said Elbaum. “By buying and recapitalizing the complex, we’re going to make it a clear choice for Fort Lauderdale office tenants seeking the best downtown location and amenities. We’re committed to investing significantly in this property so the quality of the buildings is commensurate with the quality of their location.”
Built in 1997, the property offers ocean, river and city views, as well as first-floor retail and restaurant tenants including Starbucks. In addition to the 470,810 square feet of office and retail space, the complex also includes 1,344 parking spaces in a multistory covered deck.
Jon Blunk and Laurel Oswald of TCRE will handle leasing for the property, which was 69% occupied at the time of sale.
“With limited product available in the market, especially Class A+ space, a revitalized 350 and 450 E. Las Olas will be welcomed by tenants seeking the best product in the best location,” said Blunk, president of TCRE.
350 and 450 E. Las Olas offer easy access to transportation, including Interstate 95, the Brightline train and several bus routes. In addition to parking, the office complex has bike storage.
Bradford Allen, which has made a number of value-add investments in other large office properties, owns assets in suburban Chicago; Greenwich, Conn.; Denver; and Jacksonville, Fla., among other markets.
About Bradford Allen:
Bradford Allen (BA) is a commercial real estate firm based in the heart of downtown Chicago. Founded in 2003 by Jeff Bernstein and Larry Elbaum as an office brokerage, the firm has grown into a vertically integrated commercial real estate company, offering a full array of services and expertise across multiple U.S. markets to entrepreneurial, corporate and not-for-profit clients, including strategy, marketing and transaction execution for occupiers, investors and owners. For more information, visit bradfordallen.com.
Bradford Allen has purchased 350 and 450 E. Las Olas Blvd., a 470,810-square-foot office complex in downtown Fort Lauderdale, Fla., with plans to invest an additional $25 million in the property.