Two South Florida offices sell for $364m
In separate deals, two South Florida offices sell for a combined total of $364 million.
AEW Capital Management is under contract to purchase Phillips Point, an office complex in West Palm Beach. An official announcement has not been released; however, according to Real Capital Analytics, Colonnade Properties is selling the 423,323-square-foot complex for $248 million, or $586 per square foot.
The property consists of two buildings of 19 and 13 stories. It includes a 1,162-space parking garage. Phillips Point is 88 percent occupied, and major tenants include Morgan Stanley, Akerman Senterfit, Green & Traurig, AMG Wealth Management, and Gunster Yoakley.
Colonnade Properties purchased Phillips Point in 2007 for $200 million and invested $4 million into the property.
Further down the coast in Miami, the office building located at 800 Brickell sold for $116 million to RREEF Property Trust. The sellers of the 208,000-square-foot office property