Sensormatic HQ Sells for $10M

BOCA RATON, FL-The 150,000-sf Sensormatic Electronics Corp. headquarters building has been sold from its owner, Bermuda-based Tyco International, to Atlanta, GA’s Songy Partners Limited and Boston, MA-based Charlesbank Capital Partners at the reported bargain rate of $9.5 million. According to Palm Beach County records, the two story structure carries a 2001 assessed value of about $11.5 million.

Located at 951 Yamato Rd. near I-95, the class B building sits on a 10-acre parcel of land in the Arvida Park of Commerce and was originally developed by IBM in 1992. The structure underwent renovations in 1995 after it was acquired for $7.8 million. Songy plans to lease the structure to a single tenant or to several tenants, as the building was designed to accommodate either situation.

For Songy, the purchase marks a return home of sorts; the company got its start in Boca Raton in 1992, but relocated to Atlanta six years later. Charlesbank was eager to partner up with Songy on the deal. “We have been impressed with Songy Partners’ ability to acquire and reposition assets effectively,” Charlesbank managing director Charles F. Wu says.