CP Group and Related Fund Management have acquired Fort Lauderdale, Florida-based Las Olas Square, a a mixed-use office and retail project. No financial terms were disclosed.
FORT LAUDERDALE, Fla.–(BUSINESS WIRE)–CP Group, the largest office landlord in Florida and a prominent owner-operator throughout the Southeast and Southwest, and Related Fund Management (“RFM”), a real estate investment management firm with 10B+ AUM, today announced the acquisition of Las Olas Square, a mixed-use office and retail project in Fort Lauderdale, Florida.
The 17-story, two building office/retail complex in the heart of downtown Fort Lauderdale is made up of two contiguous assets: 515 at Las Olas Square, a 17-story office tower, and 501 at Las Olas Square, a three-story mixed-use office and retail space.
“Las Olas Square is a rare, generational asset located in the heart of Las Olas, Fort Lauderdale’s urban core and one of the fastest growing submarkets in South Florida,” said Brett Reese, Senior Vice President at CP Group. “The buildings are situated at a main-and-main location with an abundance of walkable amenities and a strong pipeline of multi-family buildings being developed in and around the immediate area. Las Olas Square is some of the best-located real estate in Broward County and we look forward to improving an already desirable building.”
The venture plans to further enhance the complex through the improvement of the lobby, common areas, and outdoor spaces, as well as the addition of a café.
In addition to the property’s unparalleled location, Las Olas Square is a fully-modernized and amenity-rich office product. The site’s current amenity package features a dedicated parking garage, ample conference and meeting space, and on-site dining and retail options such as Del Frisco’s Grille and TruistBank.
The property offers direct access to a wide variety of upscale retail and dining options on Las Olas Boulevard, is just a five-minute walk to the Brightline Station, and is only a ten-minute drive to the Fort Lauderdale/Hollywood International Airport.
Michael Winston, Managing Director at Related Fund Management added, “RFM has been invested in Ft. Lauderdale for nearly a decade, and during that time we have enjoyed watching the rapid growth of this vibrant, dynamic, and desirable city. As businesses continue to move to and expand in South Florida, we are excited to add this premier office property located on Ft. Lauderdale’s most desirable office corridor to our portfolio, and to continue to improve its tenant offering.”
Leasing for Las Olas Square will continue to be managed by Cushman & Wakefield’s Travis Herring and Katherine Ridgway.
CP Group Remains Active in 2022
The acquisition of Las Olas Square marks CP Group’s three in 2022 and follows a year of unprecedented activity in which CP Group acquired over five million square feet of best-in-class office assets in markets spanning the Southeast and Southwest United States. This includes their entrance into the Denver market with the acquisition of 1099 18th Street, also in partnership with Related Fund Management.
ABOUT CP GROUP
Active in the commercial real estate business for over 35 years, CP Group has established a reputation as a premier owner, operator, and developer of office and mixed-use projects throughout the Southeast and Southwest United States. Since 1986, CP Group has acquired and managed over 165 properties, totaling over 55 million square feet, and representing over $7 billion invested. They are currently Florida’s largest and Atlanta’s second-largest office landlord and ranks 25th largest in the United States. Headquartered in Boca Raton, Florida, the firm has a corporate office in Atlanta and regional offices in Denver, Miami, Jacksonville, Dallas, and Washington DC. To learn more about the company, visit CPGcre.com.