Completed in the second quarter this year, the Beacon Square Park office building is occupied by International Business Machines Corp. under a build-to-suit agreement, according to a shareholder's report St. Joe filed earlier this year with the Securities and Exchange Commission.
St. Joe expects to gain $5 million, or EBITDA per share of six cents, on the sale. This is the second office-building sale in Boca Raton this year for St. Joe affiliates.
Earlier this year, St. Joe Commercial sold a newly constructed 310,000-sf class A office building for $52.5 million, or about $168 per sf, to the National Council on Compensation Insurance Holdings Inc.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
