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The Plaza Sells for $30M

BOCA RATON, FL-Metropolitan Life Insurance Co. purchased the trophy 11-story, 145,344-sf, class A office building for approximately $206.40 per sf. The seller was 485 Properties LLC. The property was 82% occupied at press time.

By Melissa Bogdany | Updated on September 24, 2003

BOCA RATON, FL-Rumors have proved to be true, as the trophy office building The Plaza located here has been sold. Sources close to the deal say the 11-story, 145,344-sf, class A building was sold for approximately $30 million, or about $206.40 per sf.

Metropolitan Life Insurance Co. purchased the building from 485 Properties LLC, a subsidiary of Teachers Insurance & Annuity Association, which owned the property since the early 1990s.

“The property truly is one of the few trophy properties in the area,” says Mike Erickson, first vice president with the Palm Beach County office of CB Richard Ellis Inc. and a broker involved in the transaction.

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