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REM Management Acquires 40,720 SF for $9M

BOCA RATON, FL-The 7800 Congress Centre class A office building is 60% occupied by URS Corp.

By Natalie Keith | Updated on March 28, 2008

BOCA RATON, FL-Michigan-based REM Management Inc. has acquired the 40,720-sf 7800 Congress Centre class A office building for just under $8.5 million, or $208 per sf. The building was 85% occupied at the time of the sale.

The main tenant in the building is New York City-based URS Corp., which occupies 61% of the building. The seller, 7800 Congress L.C., was represented by CB Richard Ellis senior vice president Scott O’Donnell and senior associate Dominic Montazemi. O’Donnell and Montazemi were the sole brokers.

O’Donnell tells GlobeSt.com that the seller was an entity comprised of three locally based partners. “The property was being sold because the partners are looking to diversify their assets outside of Florida,” he says.

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