Related Affiliate, CP Flip Las Olas Building to Macquarie
501 East Las Olas Boulevard in Fort Lauderdale, FL with CP Group’s Partner Chris Eachus and Managing Partner Angelo Bianco and Macquarie’s CEO Shemara Wikramanayake (Google Maps, CP Group, Macquarie, Getty)
Less than five months after scooping up the Las Olas Square office and retail complex, Related Fund Management and CP Group flipped a portion of the property.
Macquarie Group, based in Sydney, Australia, bought the three-story building at 501 East Las Olas Boulevard in downtown Fort Lauderdale for roughly $45 million, according to sources. No deed has been recorded, meaning the property traded through the sale of the interest in its ownership entity.
Related Fund Management, affiliated with Stephen Ross’ Related Companies, and CP Group bought Las Olas Square, which also includes a 17-story office tower at 515 East Las Olas Boulevard and a garage, in March. The duo paid $144.5 million for the entire complex, meaning their gain on the flip of the smaller of the two office buildings is unclear.
Tenants at Macquarie’s building, called the 501 Building, include coworking office provider Spaces and Del Frisco’s Grille.
Macquarie, led by CEO Shemara Wikramanayake, is a financial services firm with various investments, including in real estate, technology and infrastructure, according to its website.
Though it’s based in Australia, this isn’t its first South Florida real estate venture. Its finance and investment division, Macquarie Capital, in a joint venture with Vanderbilt Office Properties, bought office buildings at the Boca Center mixed-use complex in Boca Raton for $171.5 million in April. The deal involved the two office buildings at 5100 and 5200 Town Center Circle in Boca Raton, each with a next-door garage, as well as the office building and garage at 1800 North Military Trail.
Macquarie and CP Group declined to comment. Related Fund Management did not return a request for comment.
