The Real Deal Miami

West Palm office towers sell for $246M

Seller was an affiliate of Colonnade Properties and Prudential Real Estate

June 01, 2015 05:15PM
By Katherine Kallergis

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Phillips Point in West Palm Beach

Phillips Point in West Palm Beach

AEW Capital Management picked up the Phillips Point office towers in West Palm Beach for $245.5 million, according to a deed recorded Monday in Palm Beach County records.

Phillips Point II, an affiliate of Colonnade Properties and Prudential Real Estate, sold the tower to CPT Phillips Point.

Phillips Point, at 777 South Flagler Drive and 201 Lakeview Avenue, was built in 1985 and 1988, and includes offices, retail and restaurants.

The two parcels last sold for an undisclosed amount in July 2007, and before that for $138 million in December 2003, according to Palm Beach County property records.

The towers sit on a combined 3.23 acres and total 410,469 adjusted square feet. The property is separated from the Intracoastal by South Flagler Drive. It’s also located near CityPlace.

Tenants include Goldman Sachs, Greenberg Traurig, AMG Wealth Management, Morton’s The Steakhouse and BMO Harris Bank.

AEW Capital Management is listed on the buyer’s corporate filings. AEW manages about $29.9 billion of real estate assets and securities in North America, according to its website.

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