Ft. Lauderdale Office Tower Up For Auction

Jun 27, 2011 No Comments by

The One Financial Plaza office tower in Fort Lauderdale has been slated for auction after its owner agreed to a $64.2 million foreclosure judgment.

Compass Bank won the judgment against One Financial Center LLC based on a $58.7 million mortgage, plus interest and fees. The 273,000-square-foot office tower, on 4.1 acres at 100 S.E. Third Ave., is set for online auction June 30.

The tower is 75% occupied, according to CRE-sources data.  Tenants include Regions Bank , the Tower Club and several law firms. The 28-story tower opened in 1972.  It’s leasing has been handled by Flagler Real Estate Services.

The developer bought the property for $65 million in 2007 and obtained a mortgage in the same amount from Guaranty Bank, which failed in 2009 and had its loans acquired by Compass Bank in a loss-sharing deal with the Federal Deposit Insurance Corp. The One Financial Center loan matured in March 2010.

In April 2009, the owner of One Financial Plaza filed an application with the Broward County Commission to reduce its office space in exchange for adding 200 hotel rooms, 25,000 square feet of commercial space and 300 residential units. Much of the construction would have taken place on the parking lot, but the project was not launched.

Source:  SFBJ

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