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CYPRESS FINANCIAL CENTER

Ft. Lauderdale, Florida

In 2014, Steelbridge re-purchased this 11-story commercial complex in an off-market acquisition for $32.5MM from the same owner it had originally sold to for $48MM in 2006. Since acquiring the property, Steelbridge has invested substantially in capital improvements to enhance the overall tenant experience and reposition the asset including numerous interior renovations, security system upgrades, exterior paint, landscaping, and elevator modernization. As a result of these efforts, occupancy has increased from 74% to 87%, and net rental rates have increased by 20%. Steelbridge recently refinanced the asset for its original acquisition cost and is poised to complete the lease up of the property at significantly higher rates.

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