As a result of the deal, Investcorp would own 70% of the joint venture and Koger would own 30%. Koger would provide leasing and management of the property.

Broward Financial Centre is located at 500 E. Broward Blvd., at the southwest corner of Broward Boulevard and Federal Highway. The building, which was 88% occupied at press time, is the partnership's only asset. The price the joint venture is paying for the partnership has an approximately 9% implied capitalization rate, based on the property's in-place net operating income. The joint venture anticipates closing on the acquisition next January.

Currently, entities in which Thomas J. Crocker, CEO of Koger, has half ownership interest own about 14% of the partnership interests in the building. Koger's board of directors and finance committee approved acquiring Broward Financial Centre and the terms of the deal without Crocker's participation.