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TA Pays $60M for 3 Office Buildings

WEST PALM BEACH, FL-The 338,000-sf portfolio was purchased from JP Morgan Asset Management.

By Crystal Proenza | Updated on August 06, 2008

WEST PALM BEACH, FL-Boston-based TA Realty has acquired a three-building, 338,000-sf portfolio from JP Morgan Asset Management for $60.1 million. The portfolio includes 1400 CentrePark, 1401 Northpoint and Centurion Tower at 1601 Forum Place, all in the West Palm Beach submarket.

JP Morgan acquired the buildings two years ago and has since increased rental rates and completed capital improvements including new roofing and interior upgrades. Multiple offers were received for the class A suburban buildings as a portfolio and individually, according to Hermen Rodríguez, a managing director with Holliday Fenoglio Fowler LP, which represented the seller in the transaction.

“The underlying fundamentals of the West Palm Beach market, which has continued population growth and very little new office development, continues to attract institutional interest for office assets.” Rodriguez says. Executive managing director Manny de Zárraga, director Ike Ojala and associate director Luis Castillo of HFF also assisted in the deal, with TA Realty representing itself.

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