Business Services Industry
Deal spotlight - Big Deals
South Florida CEO, Sept, 2002
Miami's largest office building has set a second record as the most expensive building ever sold in the city. A division of Australia's Lend Lease Real Estate Investments and Germany's closed-end fund syndicator KanAm have signed a $270 million contract ($225 per square foot) to purchase the 55-story First Union Financial Center and its l5-story parking garage/retail/health club building.
Seller Shorenstein Co. set the most-expensive-building record with its purchase of the First Union building for $207 million in 1996. The buyers feel the center's 95-percent occupancy rate (on 1,145,000 square feet of rentable space) justifies the 30-percent markup.
COPYRIGHT 2002 Americas Publishing Group
COPYRIGHT 2003 Gale Group
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