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.
These are the ownership entity's first acquisitions of many planned for the South Florida market.
"We anticipate building a sizeable presence in the South Florida market," Rodney Propp, chairman of Tahl Propp Equities LLC in New York, says in a statement. "These buildings fit perfectly into our existing portfolio of superbly located and tenanted properties in New York City, which include the Hermes flagship at 691 Madison Avenue and the JP Morgan Chase building at 510 Fifth Avenue."
Robert Sullivan of RJS Realty Group in West Palm Beach brokered the transaction.
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