The joint venture had acquired the building after it was constructed in 2003. The property is located on 8.2 acres and is 100% occupied by Miami-based Royal Caribbean Cruise Lines, which is using it for call center operations. The property has a 10-to-1 parking ratio and a floor plan that is conducive to call center operations.

When the joint venture initially acquired the property, it was occupied by Delta Airlines. The airline vacated the property in September 2006 after declaring bankruptcy. The 10-year lease negotiated with Royal Caribbean Cruise Lines started in April 2007. Falcon Real Estate executive vice president Scott Sweeney that the building's location and strong and is unique in its call center configuration. "When we acquired it from Delta, we knew the company was having problems," Sweeney says. "But we knew that, even if Delta vacated the space, we could find another strong tenant."

The joint venture worked to close the deal prior to the end of 2007 in anticipation of a cooling down of the investment markets in 2008. "We believed that selling the property with the longest possible lease term remaining maximized its value, and the achieved price of $282 per sf compared very well with other transactions during the year," says Sweeney.