BENTLEYFORBES COMPLETES ACQUISITION OF 350 AND 450 LAS OLAS CENTRE IN FORT LAUDERDALE Pair of Trophy Class A Office Towers Totaling 469,199 Square Feet of Office and Retail Space; Signature Downtown Property 95% Leased at Time of Acquisition Ft. Lauderdale, Fla. (July 12, 2007) – BentleyForbes, a national real estate investment firm, announced today the completion of its acquisition of 350 and 450 Las Olas Centre in Ft. Lauderdale from Colonial Properties Trust and a fund managed by DRA Advisors LLC. “The acquisition of Las Olas Centre marks BentleyForbes’ entry into this highly attractive market,” said C. Frederick Wehba II, vice chairman and co-founder of BentleyForbes. “Las Olas Centre is Ft. Lauderdale’s marquee downtown office address, and the property has attracted key tenants due to its premier reputation. BentleyForbes is committed to upholding the quality of the property, and will continue to meet the needs of its first-rate tenants through active and attentive management of the property.” The sellers, Colonial Properties Trust and a fund managed by DRA Advisors LLC, retained Mark Gilbert, Adam Feinstein and Jay Caplin of Cushman & Wakefield of Florida Inc. (“C&W”) as the sellers’ agent for the property. BentleyForbes was represented internally during the transaction by C. Shane Cates, managing director of acquisitions, and Hans Mumper, senior vice president of portfolio management. “BentleyForbes continues to pursue trophy Class A office assets in strategic markets across the nation,” said David W. Cobb, president and CEO of BentleyForbes. “The company’s investment criteria are focused on asset quality and submarket specifics rather than macro market characteristics in any specific region. The key to our interest in Las Olas Centre is its unmatched status in downtown Ft. Lauderdale, which is one of South Florida’s premier professional markets, its irreplaceable location, quality of its tenants, retail amenities, timeless architecture and future growth opportunities.” Las Olas Centre features two trophy office towers, 18 and 14 stories respectively, encompassing 416,696 square feet of Class A office space and 52,503 square feet of street front retail. The property’s parking facilities feature two multi-level garages offering 1,309 spaces that serve tenants and patrons of Las Olas Boulevard’s restaurant and retail spaces. The property is currently 95 percent leased to such notable tenants as Akerman Senterfitt & Edison, Wachovia Corporation, HCA, Inc., Huizenga Holdings, Inc., Berger Davis & Singerman, Merrill Lynch, Solomon Smith Barney, City National Bank, and Morgan Stanley (partial list). Spanning the length of two entire city blocks, the 3.4-acre site in the core of downtown is truly irreplaceable and its location at the heart of an emerging 24/7 urban center increases its appeal to tenants. Las Olas Centre offers a complete range of on-site amenities that include fine and casual dining, retail banking and additional tenant services. Within steps, tenants also have access to a diverse mix of over 100 shops and restaurants along Las Olas Boulevard. Las Olas Centre was designed by the renowned architectural firm of Cooper Carry & Associates resulting in a timeless design that established the Mediterranean style as the preferred design theme for Downtown Ft. Lauderdale. Both buildings feature high quality details throughout that include distinctive architecture, extraordinary finishes, and vaulted lobby ceilings - all showcasing the modern, Mediterranean style. This enduring design has attracted ground floor retail tenants including three banks and some of the area’s most popular restaurants such as Jackson’s Steakhouse, Timpano’s, Samba Room and Starbucks. BentleyForbes has remained an active investor in the Class A office market, focusing on the acquisition of trophy properties in high barrier to entry, urban CBD and/or top performing submarkets across the nation. In September of 2006, BentleyForbes acquired Bank of America Plaza in Atlanta, GA. The 55-story Class A trophy office tower encompasses 1.25 million square feet, situated at the corner of North Avenue and Peachtree Street in Atlanta’s Midtown submarket. The landmark office tower is noted as the tallest skyscraper in the Southeast and the tallest in the United States outside of New York and Chicago. In May of 2006, BentleyForbes completed the acquisition of Prudential Plaza in Chicago, an iconic two-building skyscraper campus in the city’s internationally recognized downtown. The property features approximately 2.2 million square feet of Class A of office, retail and restaurant space in two sizable towers, reaching 41- and 64-stories, respectively. Notably, the property features sweeping, unobstructed views from almost every floor of Lake Michigan, Michigan Ave., the city skyline, the Chicago River, the city’s museum campus, Soldier Field and the internationally lauded Millennium Park. Additionally, a gourmet full-service restaurant will open this summer. Additionally, BentleyForbes entered the luxury hospitality investment marketplace during 2006 with its acquisition of the Four Seasons Resort and Club Dallas at Las Colinas, a 400-acre luxury resort property in Irving, Texas offering 397 luxury guest rooms and featuring the coveted AAA Five Diamond rating. Since acquiring the Resort, BentleyForbes has also announced plans for an improvement and expansion program at this property as well, with the overall project costs expected to exceed more than $150 million in total consideration. About BentleyForbes |
