Joint Venture Finalizes Major Office Transaction at 401 East Las Olas Boulevard

A joint venture comprised of Lone Star Funds, Highline Real Estate Capital, and Square2 Capital has acquired 401 East Las Olas Boulevard—also known as Bank of America Plaza at Las Olas City Centre—in what is considered Fort Lauderdale’s largest office transaction of the past ten years. The 23-story, 410,561-square-foot Class AA tower sits on a full city block in the heart of the Las Olas Financial District, boasting a premier tenant roster that includes Bank of America, Greenberg Traurig, Boies Schiller Flexner, Motorola Solutions, and UBS.

“We see a unique opportunity to invest in high-quality office assets that are among the best in their competitive set,” said Jérôme Foulon, Global Head of Commercial Real Estate at Lone Star. “The South Florida office market has strong underlying fundamentals, driven in part by in-migration trends and return-to-work mandates. At the same time, since new developments have all but stopped in recent years, some markets are experiencing shortages of office space in quality assets.”

“This acquisition represents our confidence in high-quality, well-located office assets that continue to demonstrate strong leasing fundamentals,” said David Moret, President of Highline Real Estate Capital. “401 has maintained an average occupancy of 94 percent since its inception and is positioned to continue to benefit from the evolving office market.”

“With our previous repositioning success at 501 & 515 Las Olas Boulevard, we are confident we can amplify 401’s position as one of the most sought-after office towers in the state,” added Jay Caplin, Principal at Square2 Capital. “Planned improvements will build upon 401’s status as the most amenitized office property in downtown Fort Lauderdale, featuring six on-site restaurants, a fitness center, and full-service banking.”

Square2 Capital will manage the property under the direction of Principal Mike Manno. CBRE represented the seller, a global investment manager, in the sale transaction and arranged financing on behalf of the new owner.

The buyers see strong demand for Class A or higher office environments in South Florida, propelled by ongoing in-migration, corporate relocations, and limited new office development. The property’s downtown Fort Lauderdale location on East Las Olas places it in a vibrant commercial district known for its walkability and range of amenities. This transaction underscores continued investor confidence in the region’s reputation as a hub for high-quality, well-located office assets.

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