JLL closes sale of Fort Lauderdale trophy office tower

MIAMI, Feb. 17, 2025 –  JLL Capital Markets announced today that it has completed the sale of Las Olas Centre, a trophy mixed-use tower offering 470,810 square feet of Class A office and retail space in the heart of Fort Lauderdale’s central business district.

JLL represented the seller, a global investment manager, and procured the buyer. The sale represents one of the largest office transactions in South Florida over the last three years.

Las Olas Centre is located at 350 and 450 Las Olas Blvd., spanning two full city blocks along the premier high street retail corridor. The 3.4-acre site is surrounded by more than 60 dining options and 100-plus shopping destinations as well as more than 9,500 recently delivered multi-housing units.

The Fort Lauderdale office market has witnessed exceptional growth and is anticipated to compete with Miami and West Palm Beach office markets in the near future. There are no remaining development sites along Las Olas Boulevard and with continued in-migration and company relocations, and the asset is poised to benefit from rising demand as the market tightens.

Las Olas Centre consists of two Class A office towers, a retail promenade and substantial underground parking. The property is currently 68% leased to a diverse tenant roster of national and boutique office tenancy and credit-rated retail tenancy, including Wells Fargo, Morgan Stanley Smith Barney, KPMG, Lobster Bar Sea Grille, Timpano and Starbucks.

The JLL Capital Markets team representing the seller was led by Mike McDonald, Matthew McCormack, Hermen Rodriguez, Ike Ojala, Blake Koletic and Hunter Smith.

"Florida is flipping the script on headline office market expectations. Savvy investors are garnering incredible risk-adjusted returns for office today with Fort Lauderdale outperforming many larger gateway markets,” said McDonald. "The sale of Las Olas Centre reinforces that demand for office investments is alive and well in today’s evolving office landscape, provided the location and asset quality check the appropriate boxes.”

“Las Olas Centre is truly one of the best assets in the entire Southeast and its storied past will only be usurped by its bright future,” added McDonald.

JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The group has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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