Fort Lauderdale office building sold for $33M, discounted from previous price
The Cypress Financial Center in Fort Lauderdale was acquired for $32.55 million, a significant discount from its previous purchase price eight years ago.
The Cypress Financial Center in Fort Lauderdale was acquired for $32.55 million, a significant discount from its previous purchase price eight years ago.
Steelbridge Capital, which is based in Miami and Chicago, acquired the 11-story office building at 5900 N. Andrews Ave. from Tricony CFC, a Palm Beach-based company managed by Michael Torres and Rick O. Torres. The seller was represented by HFF’s Herman Rodriguez, Ike Ojala and Jorge Portela.
The 198,528-square-foot building last traded for $48 million in 2006. In fact, Steelbridge Capital was part of the group that owned the building from 1998 until the 2006 sale.
Steelbridge Capital said it would make capital improvements to the building, including lobby renovations, common area upgrades, exterior painting, new landscaping and elevator modernization. It hired Kravit Architectural Associates to lead the design.
“Cypress Financial Center has long been considered the best asset in the market, and through our multi-million dollar capital improvement plan and active management, we will ensure that the building accurately reflects this iconic stature – both inside and out,” Jay Caplin, managing principal of Steelbridge Capital, said in a news release.
Steelbridge Managing Principal Gavin Campbell noted that it bought the building for less than the $33.4 million it acquired it for in 1999.
The building is 76 percent occupied with tenanat such as TD Bank, MetLife, BDO, Altadis and Marcus & Millichap.