Alston & Bird client RREEF Management LLC, a subsidiary of Deutsche Asset & Wealth Management, has purchased the Las Olas City Centre office property in Fort Lauderdale, FL, on behalf of its pension fund clients for $220 million, with financing provided by Wells Fargo Bank NA.
The 23-story, multi-tenant, 408,063-square-foot tower, named the Bank of America Plaza at Las Olas City Centre, is anchored by its namesake bank. The property is LEED (Leadership in Energy and Environmental Design) gold-certified and includes ground-floor restaurant and retail space.
This is the 10th major real estate transaction this year in which Alston & Bird has represented RREEF. Earlier in the year, the firm advised on RREEF’s purchase of a Seattle office tower for $370 million in a transaction recognized by legal news service Law360 as one of the top-10 largest real estate deals in the country in the first quarter of 2016.
Advising RREEF is a team from Alston & Bird’s Real Estate Finance & Investment Group led by partner Jay Farris and including counsel Steve Collier and senior associate Christina Malone.