{"id":435486,"date":"2026-10-23T01:52:18","date_gmt":"2026-10-23T01:52:18","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-fl\/435486\/"},"modified":"2026-10-23T01:52:18","modified_gmt":"2026-10-23T01:52:18","slug":"grover-corlew-buys-discounted-fort-lauderdale-tower-for-70m-commercial-observer","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-fl\/435486\/","title":{"rendered":"Grover Corlew Buys Discounted Fort Lauderdale Tower for $70M \u2013 Commercial Observer"},"content":{"rendered":"

Development company Grover Corlew<\/a> has paid $69.7 million for 200 East Broward in Downtown Fort Lauderdale, making it the latest office building to sell for a discount in the South Florida submarket.\u00a0<\/p>\n

The 21-story tower features 235,211 square feet of office space adjacent to Southeast Third Avenue, and across the street from a federal courthouse. The 447,253-square-foot property \u2014 which is 75 percent occupied \u2014 was built in 1991, according to a representative for the Boca Raton-based investor.<\/p>\n

SEE ALSO: David Werner Buys 49% Stake in 605 Third Avenue<\/a><\/p>\n

Grover Corlew, led by principals Mark Corlew and Anuj Grover, plans to spend $20 million over the next two years updating the building to add an amenity deck with a gym and conference facilities.<\/p>\n

JLL<\/a>\u2019s Hermen Rodriguez and Ike Ojala brokered the sale, which resulted in a nearly 15 percent loss in value for the seller, Banyan Street Capital, which dropped $81.5 million to acquire the asset in 2017, according to property records. (A representative for the Miami-based Banyan Street did not immediately respond to a comment.)<\/p>\n

In recent years, a slew of office towers in Fort Lauderdale have sold at a discount.\u00a0<\/p>\n

In September, Moishe Mana bought<\/a> the 30-story 110 Tower for $89 million, about 21 percent less than the $112.9 million the seller had paid a decade ago. Last year, German asset manager DWS sold two office buildings<\/a> for over $400 million, about the same it had paid.\u00a0<\/p>\n

Julia Echikson can be reached at jechikson@commercialobserver.com<\/a>.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"Development company Grover Corlew has paid $69.7 million for 200 East Broward in Downtown Fort Lauderdale, making it…\n","protected":false},"author":2,"featured_media":435487,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17],"tags":[170527,170528,8001,249,251,250,20157],"class_list":["post-435486","post","type-post","status-publish","format-standard","has-post-thumbnail","category-fort-lauderdale","tag-200-east-broward","tag-banyan-street-capital","tag-channel","tag-fort-lauderdale","tag-fort-lauderdale-headlines","tag-fort-lauderdale-news","tag-investments-sales"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/435486","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/comments?post=435486"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/435486\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media\/435487"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media?parent=435486"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/categories?post=435486"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/tags?post=435486"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}