BOCA RATON, FL—As Palm Beach County's office market starts gaining more traction, 595 Financial Center has traded hands. Pinnacle Holdings acquired the office portfolio for $33 million.
Avison Young principal Keith O'Donnell and associate Jonathan Senn represented Pinnacle in fulfilling a 1031 Exchange requirement. Charles Shane, president of Bryason Realty, represented the seller.
“Due to the time constraints of investment requirements, 1031 buyers typically prefer off-market transactions in order to avoid the auction bid process,” says O'Donnell. “With a strong corporate tenancy anchored by Morgan Stanley and top-tier building amenities, 595 Financial Center is one of the premier office buildings in Boca Raton, and represents an excellent long-term investment for our client.”
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