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EOP Enters S. Florida With $30M Buy

BOCA RATON, FL-Equity Office Properties follows its strategy to acquire properties in markets with high barriers to entry and space constraints. The 128,959-sf suburban office building fit the bill.

By Melissa Kress | Updated on May 31, 2006

BOCA RATON, FL-Equity Office Properties has acquired 1200 Corporate Place for $29.5 million, marking the Chicago-based company’s move into South Florida. New York City-based Broadway Partners was the seller of the 128,959-sf office property in this Greater West Palm Beach submarket.

Approximately two years ago EOP took a look at where the company was in terms of geographic presence, Shobi Khan, senior vice president of investments, tells GlobeSt.com. As a result the company began to exit some markets, such as Dallas, Houston and Cleveland, and looked more toward areas where the demand was strong and there were high barriers to entry, he adds.

“One place that stood out where we did not have a presence was South Florida,” Khan explains. “South Florida has great demand and space constraints.” Approximately six months ago EOP began to look into, and get an understanding, of the market–comprised of Miami, Fort Lauderdale and West Palm Beach. EOP went into contract for 1200 Corporate Place in the beginning of the year, but because of some hurricane-damage issues, the deal closed in the past week, he adds.

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