Lennox Industries, a climate control services provider based in Richardson, Texas, has acquired an office building in Fort Lauderdale for $16 million. The company plans to use the 30,000-square-foot property at 2001 South Andrews Avenue as its Southeast U.S. headquarters and will also establish a training center there.
The seller of the property is affiliated with Health Network One, which manages networks for outpatient therapy and various medical specialties. According to public records, Health Network One purchased the building in 2012 for $2.2 million and completed a full renovation in 2014. Before that, the one-story structure served as a distribution center for Hughes Supply Company.
Steve Hyatt of Berger Commercial Realty represented the seller in the transaction. Christopher Dubberly and Michael Meaden from CBRE acted on behalf of Lennox Industries.
“We expected the highest offer to come from a developer,” Hyatt said, adding that the property’s move-in ready condition made it appealing for an end user.
South Florida’s office market experienced significant growth during the early years of the pandemic but has slowed recently due to higher interest rates and reduced demand from out-of-state firms. Despite this shift, experts note that medical offices and user-owned buildings have remained active segments within the market.
Downtown Fort Lauderdale has seen notable office tower sales this year. Bradford Allen Investment Advisors acquired Las Olas Centre I & II for $208 million, while Lone Star Funds—alongside Highline Real Estate Capital and Square2 Capital—purchased Bank of America Plaza at Las Olas City Centre for $220 million. All-cash transactions have become more prevalent amid rising interest rates; Spanish billionaire Amancio Ortega is currently under contract to buy Miami’s Sabadell Financial Center for $275 million.
