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