Flagler Acquires Local IBM Building

(Crystal Proenza is associate editor of Real Estate Florida.)

BOCA RATON, FL-Coral Gables-based Flagler Development Group has purchased 8051 Congress Avenue, a four-story, class A office building fully occupied by IBM, for $42.2 million. The 160,000-sf building, located within Beacon Square Professional Campus, was originally developed in 2001 as a built-to-suit for IBM and partially owned by Codina Group, now part of Flagler.

“We bought it because we love the Boca Raton submarket and we are a company that is growing and looking for good quality assets in office and industrial product,” Eric Swanson, vice president and South Florida market officer for Flagler, tells GlobeSt.com.”We know the building was built in a first-class manner and managed well, and that gave us a great deal of comfort when we were buying it.”