Parmenter, a Miami-based private real estate investment and development company, projected selling the 24-story asset in 2009 for an estimated price of $62.5 million. Andrew Weiss of Parmenter tells GlobeSt.com the asset reached the target early. It was 70% leased when Parmenter bought it, and Weiss says occupancy is now "in the low 80s."

Charles J. Foschini, senior director of CBRE Melody's South Florida office in Miami, and Christian R. Lee, EVP of the Miami office of CB Richard Ellis, represented Parmenter and were the sole brokers in the transaction. In connection with the sale, Foschini and Lee worked with Keith Braddish, senior director in CBRE Melody's New York City office, to arrange $40 million in acquisition financing for Cabot from Greenwich Capital.

The building, located on about 1.6 acres in the heart of the CBD, was built in 1982. It is a class A property, and among its tenants are Certified Tours, Silverseas Cruises, State Farm Insurance, Stratis, Sprint Communication and Walton Lantoff. Weiss declined to disclose the current asking rental rates, which were previously listed at about $26 per sf.