The Real Deal Miami

American Express complex trades at steep discount

Buyer of Plantation office complex pays $40M less than 2007 price

April 22, 2014 11:15AM

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777 American Express Way

777 American Express Way

A Miami real estate firm got a steep discount from the 2007 price paid for the soon-to-be former American Express office complex in Plantation, according to Broward County records.

Plantation 25, a company managed by TM Real Estate Group, paid $33.5 million for the more than 650,000-square-foot complex on Thursday. Broward County recorded the transaction Monday. The seller, Plantation-based Kan Am American Express, paid $73 million in November 2007 for the 777 American Express Way property.

The TM-managed buying company obtained two mortgages totaling $21.5 million from New York-based CTL Lending Group for the acquisition.

American Express announced plans to consolidate its South Florida offices in December 2013. It purchased 40 acres in Sunrise and intends to build a 400,000-square-foot regional headquarters for the company’s 3,500 employees based in Miramar, Plantation and Weston. — Eric Kalis

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