Lone Star Funds Acquires Class AA Fort Lauderdale Office Building 
 
 
   Acquisition Marks Broward County's Most Significant Office Transaction 
in a Decade 
 
 
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--February 14, 2025-- 
 
   Lone Star Funds ("Lone Star") today announces that an affiliate of Lone 
Star Real Estate Fund VII, L.P., along with an affiliate of Highline 
Real Estate Capital LLC and Square2 Capital LLC, has acquired 401 East 
Las Olas Boulevard ("401"), marking the most significant office 
acquisition in Broward County in the past decade. Terms of the 
transaction were not disclosed. 
 
 
   The 23-story, 410,561-square-foot Class AA office and retail tower--also 
known as Bank of America Plaza at Las Olas City Centre--sits on a full 
city block in the heart of Fort Lauderdale's Las Olas Financial 
District. The property is home to a premier tenant roster, including 
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." 
 
 
   Jay Caplin, Principal at Square2 Capital, added "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. 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 for the new owner 
under the direction of Principal Mike Manno. 
 
 
   CBRE represented the seller, a global investment manager, in the sale 
transaction. Financing was arranged on behalf of the new owner by CBRE. 
 
 
   About Lone Star 
 
 
   Lone Star is a leading private equity firm advising funds that invest 
globally in corporate equity, credit, real estate and other financial 
assets. Since the establishment of its first fund in 1995, Lone Star has 
organized 25 private equity funds with aggregate capital commitments 
totaling approximately $95 billion. The firm organizes its funds in 
three series: the Opportunity Fund series; the Commercial Real Estate 
Fund series; and the U.S. Residential Mortgage Fund series. Lone Star 
invests on behalf of its limited partners, which include institutional 
investors such as pension funds and sovereign wealth funds, as well as 
foundations and endowments that support medical research, higher 
education, and other philanthropic causes. For more information 
regarding Lone Star Funds, go to www.lonestarfunds.com. 
 
 
   About Highline Real Estate Capital and Square2 Capital 
 
 
   Miami-based Square2 Capital and Highline Real Estate Capital are real 
estate investment and operating firms specializing in value-add retail, 
office, and mixed-use assets throughout Florida and the Southeastern 
United States. Their success is driven by a highly focused, micro-level 
investment approach and the ability to leverage deep industry 
relationships and decades of experience. The lead principals have been 
investing and operating in Florida for over 40 years, with a 
distinguished track record of acquiring and repositioning office 
properties throughout Florida, and in Downtown Fort Lauderdale, notable 
projects include Courthouse Commons and Las Olas Square (501-515 E. Las 
Olas Blvd.). 
 
 
 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250213567291/en/

 
 
    CONTACT: 
   Mediarelations@lonestarfunds.com 
 
 
 
 
 
 

(END) Dow Jones Newswires

February 14, 2025 09:15 ET (14:15 GMT)