Fort Lauderdale’s Las Olas Centre sold [South Florida]
The owner of Chicago’s Prudential Plaza and Washington’s Watergate building said Friday it bought Fort Lauderdale landmark Las Olas Centre, an office-retail property with notable tenants such as Jackson’s Steak House and Huizenga Holdings Inc.
Real estate investment firm BentleyForbes LLC of Los Angeles did not disclose the price it paid. But one property analyst in New York estimated the cost of the prime commercial real estate at $500 a square foot, making the deal the most expensive to date for an office complex in South Florida.
At that price, the center’s nearly 470,000 square feet would fetch $235 million. The property, with 14- and 18-story office towers and ground-floor retail space, stretches nearly two blocks on Fort Lauderdale’s trendy Las Olas Boulevard.