The Real Deal Miami

JP Morgan Asset Management sells three office towers for $61M

By Hortense Leon | August 27, 2008 04:34PM

JP Morgan Asset Management sold three suburban office buildings in West Palm Beach with a total of 338,900 square feet for about $61 million to Boston-based TA Associates.

The sale of two of the buildings, the 143,900-square-foot Centurion Tower and the 99,000-square-foot Northpoint Corporate Center, closed on August 5. The sale of another building, the 95,900-square-foot 1400 Centrepark, closed on July 7. The average price per square foot for the three buildings was about $180 per square foot.

All three buildings were built in the late 1980s.

“These are Class A buildings for their micro-markets,” said C. Todd Everett, managing director at NAI/Merin Hunter Codman, a real estate brokerage firm in West Palm Beach that manages the three buildings. Everett said that taking into account the whole West Palm Beach market, “they are Class B-plus suburban buildings.”

At Centurion Tower at 1601 Forum Place, which has an 87 percent occupancy rate, tenants include New York-based BDO Seidman.

At Northpoint Corporate Center at 701 Northpoint Parkway, where the occupancy rate is 86.5 percent, tenants include CBS Radio and AT&T.
At 1400 Centrepark Boulevard, where the occupancy rate is 85 percent, the lead tenant is West Palm Beach-based Shoes for Crews.

Hermen Rodriguez, managing director in the Miami office of HFF, represented the seller. TA Associates represented itself.