A 30-story office tower across from the Broward County Courthouse has a new owner. Miami investor Moishe Mana paid $89 million for 110 Tower in downtown Fort Lauderdale, whose reported size varies: Connect CRE lists 394,057 square feet, while The Real Deal describes it as 777,248 square feet. Mana acquired the building from seller GEM Realty Capital, adding to his South Florida office holdings.
The sale, first reported by Connect CRE, puts 110 Tower at 110 S.E. 6th Street back on the market map after years under GEM Realty’s ownership. National Bank of Florida provided Mana a $66.25 million mortgage to fund the purchase, according to the outlet’s reporting, which cited the S. Florida Business Journal for that financing detail. The deal was structured as part of a 1031 real estate exchange, a tax mechanism that requires investing proceeds from another property sale into the newly acquired asset.
The price represents a steep drop from what GEM Realty paid to acquire the tower back in 2016. That earlier purchase closed at $112.9 million, per the same Connect CRE account, and the building’s mortgage was last modified at $90.15 million in 2019. The building’s amenities include a fitness center, a restaurant, and a conference center, according to Commercial Search.
A Tower With a Complicated Recent History
110 Tower has not been without its headaches for prior ownership. In April 2023, a Broward County Circuit Court judge ordered logistics firm Southeastern Management to pay $5.4 million in back rent and damages to the building’s owners after the company executed an 11-year lease for nearly 10,000 square feet in August 2022 but never moved in or paid rent, as detailed by The Real Deal. That judgment covered security deposits and monthly rent commitments stretching through 2034…