Propp Investment Entity Buys Two Office Buildings

PALM BEACH, FL-A Propp family investment entity led by Morris Propp and Rodney Propp have purchased two “trophy” office buildings here for approximately $28 million. The sellers were George Straub and Capital Trust Group, which had owned the properties since 1986.

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.