Moishe Mana Acquires Fort Lauderdale Office Tower for $89 Million

Moishe Mana, a prominent Miami developer known for extensive landholdings in Downtown Miami and Wynwood, has acquired the 30-story 110 Tower in downtown Fort Lauderdale for $89 million. This purchase marks a strategic expansion for Mana into the Broward County market, diverging from his typical Miami-Dade acquisitions. The 777,248-square-foot office building, located at 110 Southeast Sixth Street adjacent to the Broward County court building, was constructed in 1987. City National Bank of Florida provided a $66.3 million acquisition loan for the deal.

The previous owner, Chicago-based GEM Realty Capital, sold the 1.72-acre asset at a 21 percent discount compared to its 2016 purchase price of $112.9 million. This valuation decrease highlights the slower recovery of the Broward County office market post-pandemic, especially when contrasted with the more robust markets in Miami-Dade and Palm Beach counties, which have attracted new tech and finance tenants. This acquisition by Mana could signal a shift in investment focus or a strategic move, potentially linked to rumored sales of his Wynwood portfolio. The transaction underscores current market dynamics for office properties in the region.