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Florida office towers sold for over $245 million

The sale of a prominent Florida office building was completed on June 1, and a selling price of over $245 million makes the transaction one of the largest real estate deals of the year. The Phillips Point office towers were built in 1985, and a combination of quality facilities and breathtaking views have made the buildings a popular choice for Fortune 500 companies.

The towers are located at the intersection of Flagler Drive and Lakeview Avenue in West Palm Beach, which gives tenants and their clientele convenient access to the area's numerous shops, restaurants and entertainment venues. The commercial real estate property was also designed to provide sweeping views of the Atlantic Ocean and Intracoastal Waterway, and it is this combination of location and water views that have allowed the building's owners to charge tenants rents of up to $60 per square foot. These are believed by some to be the highest office rents in Florida.

The property's roster of tenants includes some of the most prominent American and international banks, brokerage houses and law firms. The property was purchased by a Boston-based capital management company with a diversified real estate portfolio, and a financing package worth almost $100 million was put together to complete the real estate deal. According to media reports, the property is over 90 percent occupied.

This sale indicates that real estate transactions can be completed quickly when the property concerned has a desirable location and both the buyer and seller are motivated. However, disputes that sometimes develop may become contentious due to the high stakes and large sums involved. An attorney with experience in this area may be able to help their clients to avoid conflict by reviewing purchase contracts and loan documents to identify clauses and provisions that could derail negotiations.

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