The entity bought the Northern Trust Building and The Lehman Bros. Building, on a two-acre site at 440 and 450 Royal Palm Way on the corner of Royal Palm Way and Lake Dr., overlooking the Intracoastal Waterway. The buildings have a total of 75,000 sf and include a 240-space parking garage.

The exact sales price for the buildings was not recorded but is expected to be more than $380 per sf, which is the per-sf price that One Wachovia Center in Boca Raton, FL, sold for last year and was one of the highest paid for an office building in Florida.

The two buildings are 100% leased to credit tenants such as Morgan Stanley Dean Witter, Northern Trust Co., UBS Paine Webber, Lehman Bros., Christie's and the yacht brokerage firm Camper & Nicholson. Over the years, Royal Palm Way has been a hot location for bank headquarters, and national and international private banks.