West Palm Beach’s Centurion Tower has a new owner.
C-III Capital Partners just paid $26 million to purchase the office tower from TA Realty, marking the latest in a series of big-ticket South Florida office acquisitions by large financial firms.
Palm Beach County records show C-III, using an affiliated company, bought the 14-story building at 1601 Forum Place in the city’s Palm Beach Lakes corridor. With 143,966 square feet of rentable space, the deal breaks down to just under $181 per foot.
No brokers were involved in the sale.
The building was last purchased by TA Realty as part of a $60 million, three-building portfolio deal in 2008 for about $177 per square foot.
Leasing agent Shelbi Quinn of NAI/Merin Hunter Codman said Centurion Tower is one of the only Class A office buildings in the Palm Beach Lakes corridor, making it an attractive investment. The sale has a slightly cheaper price per square foot than the $23 million sale of the city’s Bank of America building on Monday, which came in at $209 per foot.
The tower’s largest tenant is the Oxbow Corp., an energy marketing and production company, which takes up 46,446 square feet.
This is C-III Capital Partners’ second South Florida office purchase in as many months, following the investment manager’s $52.5 million acquisition of the three-building Fairway Office Center in August. Both deals show the company’s appetite for older Class A properties with stable occupancy in suburban areas.
For TA Realty, the sale marked a slight price premium over the $60 million the asset manager paid eight years ago as part of the portfolio deal. The company is based in Boston and has some $7.4 billion in assets under its care.
The deal was financed with an $18.73 million loan from Keybank National Association, according to county records.
Source: The Real Deal
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