Lennox Industries, a company based in Richardson, Texas that specializes in climate control services for residential and commercial properties, has acquired an office building in Fort Lauderdale for $16 million. The property, located at 2001 South Andrews Avenue, spans 30,000 square feet. Lennox plans to use the building as its Southeast U.S. headquarters and will also establish a training center at the site.
The seller of the property is linked to Health Network One, which manages networks for outpatient therapy and other healthcare services. According to records, Health Network One purchased the building for $2.2 million in 2012 and completed a full renovation two years later. The building was originally constructed in 1949 and previously served as a distribution center for Hughes Supply Company.
Steve Hyatt of Berger Commercial Realty represented Health Network One 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 first three years of the pandemic but has slowed due to higher interest rates and lower property values. However, medical offices and user-owned buildings have remained active segments within this market shift.
Despite these broader trends, downtown Fort Lauderdale saw notable office tower transactions earlier this year. Bradford Allen Investment Advisors bought Las Olas Centre I & II for $208 million while Lone Star Funds, Highline Real Estate Capital, and Square2 Capital jointly acquired Bank of America Plaza at Las Olas City Centre for $220 million. In Miami’s Brickell area, Spanish billionaire Amancio Ortega is under contract to purchase Sabadell Financial Center for $275 million through an all-cash deal—an approach that has become more common amid current financial conditions.
