USAA Real Estate Company Announces The Acquisition Of Las Olas Centre In Fort Lauderdale’s Central Business District
San Antonio, TX – September 16, 2010 – (RealEstateRama) — US Republic Core Fund together with U.S. Premier Office Equities announce the acquisition of Las Olas Centre, a two-building, multi-tenant office complex totaling 469,353 square feet located within Fort Lauderdale’s Las Olas corridor. Details of the purchase from BF Las Olas, LLC, an entity of Wachovia/Wells Fargo, have not been disclosed.
The 18 and 14-story tower buildings, totaling 259,607 square feet and 209,746 square feet, respectively, share street-level retail and parking space on prestigious Las Olas Boulevard. The combined property is leased primarily to office tenants that include Huizenga Holdings, Wells Fargo, Bank of America, Morgan Stanley and the law firm of Akerman Senterfitt & Edison.
US Republic Core Fund and U.S. Premier Office Equities are owned by affiliates of USAA Real Estate Company and other institutional investors. US Republic Core Fund has acquired a portfolio of institutional quality office and retail properties in primary and secondary markets across the nation. U.S. Premier has invested in select office property assets in key markets across the U.S. and targets core and core-plus office properties.
Las Olas Boulevard attracts residents and visitors with more than 100 upscale shops, galleries, hotels and eateries. The Property, completed in its entirety in 1999, reflects the high-end amenities of the area including premium wood and granite finishes and a Mediterranean-inspired ambiance that spills out to sidewalk cafes. One unique feature is private caged parking with private elevator access. The only roof helipad in the Central Business District sits atop the 14-story tower at 450 Las Olas Boulevard.
“Downtown Fort Lauderdale, with its central location in the South Florida tri-county area, has remained an address of choice for businesses,” says USAA Real Estate Company Chairman and CEO Pat Duncan. “Las Olas Centre embodies the quality in design and location that has attracted a stable tenant base, making the asset a premium addition to our portfolio.”
USAA Real Estate Company, with approximately $6 billion assets under management, provides co-investment, acquisition, build-to-suit and development services for corporate and institutional investors. The USAA portfolio consists of office, industrial, retail and hotel properties as well as investments in real estate operating companies with annual volume transactions exceeding $3 billion. USAA Real Estate is a subsidiary of USAA, a leading financial services company, serving military families since 1922. For more information, visit www.usrealco.com.
