Palm Beach Office Center Sells At 25% Loss

After more than a decade of ownership, JP Morgan Asset Management has sold its Fairway Office Center for $52.5 million — $17.5 million below what the firm originally paid a decade ago.
The deal covers three properties located at 7108, 7111 and 7121 Fairway Drive within the city’s PGA National Golf Club community. They were built individually between 1989 and 2003, altogether measuring 225,674 square feet.
County records show the buyer is an affiliate of C-III Capital Partners, an investment manager headquartered in Texas that has about $3.7 billion under its umbrella. The sale breaks down to $232 per square foot.
JPMorgan had owned the three-building complex since 2006, when it bought the Fairway campus for a flat $70 million. That same year, the financial giant sank $77.94 million into a second office complex in Palm Beach Gardens called the Financial Center at the Gardens.
Much like the Fairway, JPMorgan took a hit on its $63 million sale of the Financial Center last year.
 
Source:  The Real Deal
 

 

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