Ft. Lauderdale Office Tower Faces Foreclosure Auction

The One Financial Plaza office tower in Fort Lauderdale is heading to auction following a $64.2 million foreclosure judgment against its owner. Compass Bank secured the judgment against One Financial Center LLC, based on a $58.7 million loan, including interest and additional charges. The 273,000-square-foot office building, located on 4.1 acres at 100 S.E. Third Ave., is scheduled for auction within the next 30 days.

According to data from a major local source, the tower is currently 75% occupied. This 28-story building, which opened in 1972, is managed by Flagler Real Estate Services. Notable tenants include the Tower Club, Regions Bank, and several law firms.

The developer acquired the property for $65 million in 2007, securing a mortgage of the same amount from Guaranty Bank. When this bank failed in 2009, all its loans were taken over by Compass Bank through a loss-sharing agreement with the Federal Deposit Insurance Corporation. The loan for One Financial Center matured in March 2010.

Importantly, in April 2009, the owner of One Financial Plaza submitted a proposal to the Broward County Commission to reduce office space in exchange for adding 300 residential units, 200 hotel rooms, and about 25,000 square feet of commercial space. Much of this development was planned for the parking area, but the project never commenced.

Available Foreclosures:

Fort Lauderdale: 15 homes available.

By Elias DaSilva | October 15, 2024.