595 Financial Center Trades In $33M DealNovember 11th, 2014
Avison Young, in collaboration with Bryason Realty Corporation, completed the $33 million sale of 595 Financial Center, a two-building class A office portfolio totaling 116,000 square feet at 555 & 595 South Federal Highway in Boca Raton.
Avison Young’s Keith O’Donnell, Principal, and Jonathan Senn, Associate, represented the buyer, Pinnacle Holdings, Inc. in fulfilling a 1031 Exchange requirement and expanding their client’s investment into the South Florida marketplace. As a result of Avison Young’s knowledge of harvestable assets and strong network of relationships with property owners in the market, O’Donnell and Senn were able to identify and close the off-market transaction with time to spare within the buyer’s tight 1031 requirement timeframe.
Due to the time constraints of investment requirements, 1031 buyers typically prefer off-market transactions in order to avoid the auction bid process. As such, in this transaction, we utilized our in-depth market knowledge to identify an off-market property that fit our client’s needs,” said O’Donnell. “With a strong corporate tenancy anchored by Morgan Stanley and top-tier building amenities, 595 Financial Center is one of the premier office buildings in Boca Raton, and represents an excellent long-term investment for our client.
The economic rebound of the last three years has validated the attractiveness South Florida has for domestic and international investors, as nearly all real estate sectors have stabilized and prospered, allowing investors to take money that was previously on the sidelines and transfer it to profitable assets in the area.
“Property performance and investment activity in South Florida’s office sector is heating up across the board,” said Senn. “In the Downtown Boca Raton submarket, rents have increased over 6 percent in the last 12 months and Pinnacle’s timing could not be better to take advantage of this upswing.”
Located downtown in the heart of Boca Raton’s business district, 595 Financial Center is near fine shops, dining, Mizner Park, multiple new residential projects, and overlooks the Boca Raton Resort and Golf Course. The two buildings offer garage parking, optional valet and includes an on-site café. Situated on the west side of Federal Highway, just east of interstate 95, the buildings are easily accessible to customers and commuters.
“I am proud to see a project we were involved in from its original development transact to a fantastic new ownership like Pinnacle Holdings,” said Charles Shane, President of Bryason Realty.
Shane represented the seller in the transaction.
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