Hart Advisers Inc., on behalf of one of its clients, sold the office complex to a consortium that includes Winter Organization and Heller Properties for close to $330 per sf. GlobeSt.com reported in mid-August that the more than 95%-leased property had been put up for sale.
Tenants include Greenberg Traurig, Gunster Yoakley, Smith Barney, Wachovia Bank, Ernst & Young, KPMG, Alliance Capital Management, Conopco (Unilever), Jacuzzi Brands, Morton's, Steel Hector & Davis, Harris Banks and Wealth Advisory & Tax Service (HSBC). Many of the tenants have been at the complex since it opened in 1986.
Features in the buildings include on-site restaurants, on-site structured parking, valet parking, 24-hour manned security and class A interior finishes. The property has views of Lake Worth, Palm Beach Island and the Atlantic Ocean.
Hart Advisers' Phillips Point Inc., which owned the office complex for seven years, purchased it when it was 10 years old. Hart Advisers paid nearly $88.8 million for the property in December 1996, according to the Palm Beach County property appraiser's office. "The industry reactions to our acquisition of Phillips Point back in 1996 with respect to pricing raised a few eyebrows," John C. Molloy, managing partner of Hart Advisers, says in a statement. "Today, looking back at the initial purchase, all of our initial goals were achieved and exceeded with the closing of this transaction. Additionally, the asset is positioned well for the next cycle. I'll miss the view, but love the price."
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