The Real Deal Miami

Beacon Square office condos sell

December 10, 2010 08:04AM

The Beacon Square Professional Campus in Boca Raton has found a new
buyer, East Asset Management, which acquired the site’s 38,140 square
feet of condos and two vacant land pads for $5.5 million. The deal,
which was styled as a short sale, closed Dec. 8. The address listed for
the company is the same as that of billionaire Terrence Pegula, the
founder of oil and gas firm East Resources. An unnamed official at that
company said it would be relocating its 17 employees to Beacon Square.
The price was a 27 percent discount off of a $7.5 million foreclosure. [SFBJ]