8/15/2007

NYC-based firm buys office complex in West Palm Beach

by

Phillips Point

New York-based Colonnade Properties bought Phillips Point, a two tower office complex in West Palm Beach, Fla., from another New York firm,The Winter Organization, for $200 million on Aug. 15.

Commercial real estate firm Holliday Fenoglio Fowler LP handled the sale.

Winter was part of a group that bought Phillips Point in 2003 for $138 million.

Constructed in the mid-1980s, Phillips Point is a 424,000 square foot complex consisting of two office towers of 14 and 19 stories, two six-level parking structures and 47,000 square feet of retail space.

The complex is located at 777 S. Flagler Dr. on the West Palm Beach waterfront. Current tenants include financial services firms Salomon Smith Barney and Golman Sachs as well as law firms Greenberg Traurig and Gunster Yoakley.

Colonnade Properties is a privately held real estate investment firm concentrating on income producing commercial assets mainly on the Eastern Seaboard.

The Winter Organization is a New York-based family owned real estate investment group with holdings largely in Manhattan.

Address: Phillips Point, 777 S. Flagler Dr., West Palm Beach, Fla.

Size: 423,000 square feet

Built: 1985

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Filed Under: Office

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