6/26/2008

IBM office building trades hands for $42M

by

IBM Building

Coral Gables, Fla.-based Flagler Development has purchased a four-story office building that is fully leased by IBM in Boca Raton, Fla., for $42.25 million from Falcon Real Estate.

Manny de Zarraga, Danny Finkle and Hermen Rodriguez of Holliday Fenoglio Fowler represented Falcon in the transaction, while the buyer handled the negotiations in house.

Falcon sold the building on behalf of its client, London-based Strategic Real Estate Advisors. The facility is situated on 11.86 acres at 8051 Congress Ave. and contains 160,000 square feet. Falcon acquired it upon completion in 2001 for $33.8 million.

Address: 8051 Congress Ave., Boca Raton, Fla.

Size: 160,000 square feet

Built: 2001

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Filed Under: Office

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