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Colonnade Takes Deed to 424,000-SF Office
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Colonnade Takes Deed to 424,000-SF Office
By Natalie Keith of GlobeSt.com
Wednesday, August 22, 2007 - WEST PALM BEACH, FL-New York City-based Colonnade Properties LLC has acquired the 423,806-sf, two-building Phillips Point class A office property at 777 South Flagler Dr. The seller was the New York City-based Winter Organization. The sales price was not released, but according to real estate sources, the property traded for about $200 million, or $470 per sf. The Winter Organization acquired the property in December 2003 for $138 million. The seller was represented by Holliday Fenoglio Fowler LP executive managing director Manny de Zarraga, managing director Hermen Rodriquez, director George Vail and associate director Kim Flores.
Phillips Point is situated on a 4.2-acre site, has 47,355 sf of retail space and two six-level parking garages with 1,162 spaces. The property is currently 89% occupied and the tenants include Gunster Yoakley & Steward, Greenberg Traurig and Salomon Smith Barney.
“Phillips Point is one of Florida’s true waterfront trophy office assets and it attracted interest from a wide variety of private and institutional investors,” says de Zarraga.
Leasing will be handled by Miami-based Taylor & Mathis. Taylor & Mathis managing director-brokerage services Brian Gale tells GlobeSt.com that the waterfront property is the first building reached after leaving Palm Beach. “Every suite has a view of the water,” he says.
At $50 per sf, rents are among the highest for office properties across the state. The property is currently 89% occupied and Colonnade plans to spend $3.5 million to make improvements to the common areas, corridors, lobby and bathrooms. One of the buildings was constructed in 1984 and the other in 1989. “We want to be able to compete with CityPlace Tower, the new office building under construction in West Palm Beach,” he says. “Some of the finishes are out of date.” |
Posted date : (2007-08-30) |
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