Grover Corlew buys 200 East Broward in Fort Lauderdale for $69.7 million

Grover Corlew paid $69.7 million for 200 East Broward, a 21-story office tower in downtown Fort Lauderdale, Commercial Observer reported. The building has 235,211 square feet of office space.

Banyan Street Capital, the Miami-based seller, paid $81.5 million for the property in 2017, according to property records cited by the report, a write-down of nearly 15 percent. The 447,253-square-foot building, constructed in 1991, is 75 percent occupied and sits across the street from a federal courthouse, adjacent to Southeast Third Avenue.

Grover Corlew, the Boca Raton developer led by principals Mark Corlew and Anuj Grover, plans to spend $20 million over the next two years on an amenity deck with a gym and conference facilities. That budget equals about 29 percent of the purchase price, or roughly $296 per square foot of office space.

The deal follows other Fort Lauderdale office trades below earlier prices. In September, Moishe Mana paid $89 million for the 30-story 110 Tower, about 21 percent less than the $112.9 million the seller had paid a decade earlier. Last year, according to the report, DWS sold two office buildings for over $400 million, about what it had paid.

JLL's Hermen Rodriguez and Ike Ojala brokered the sale. Banyan Street was also the lead seller of Atlanta's 1355 Peachtree tower, which Parkside Partners bought with plans for a seven-figure renovation, according to earlier reporting.