Iconic West Palm Office Towers Trade For More Than $530 PSF

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.
The office towers, located at 777 South Flagler Drive, were built in 1985 and 1988, and includes offices, retail and restaurants.
West Palm Beach‘s signature waterfront office complex was listed for sale in February, with experts expecting the Class A, trophy complex to sell for a big price, possibly setting a record for Palm Beach County and South Florida.
The 777 South Flagler Drive center, at the foot of the Royal Palm Bridge, last sold in 2007 for $200 million, smashing previous record sales prices.
The towers sit on approximately 4.2 acres with 460,080 rentable square feet among two office towers, the East and West towers, plus a ground floor retail promenade, according to its website.
Tenants include Goldman Sachs, Greenberg Traurig, AMG Wealth Management, Morton’s The Steakhouse and BMO Harris Bank.
 
Source: The Real Deal
 

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