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Two-Tower Trophy Office Complex Sells for $138M

WEST PALM BEACH, FL-Hart Advisers Inc. sold the 423,323-rentable-sf Phillips Point for $330 per sf. The company bought the property in 1996 for almost $88.8 million. Company goals were exceeded with the sale, a Hart Advisers representative says.

By Melissa Bogdany | Updated on December 16, 2003

WEST PALM BEACH, FL-Phillips Point, a two-tower, 423,323-rentable-sf, trophy office complex here, has been sold for $138 million. The property, located at 777 S. Flagler Dr., is regarded as the premier office property in Palm Beach County. The waterfront property is located in the city’s central business district.

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.

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