Related Company To Buy Phillips Point Office Tower

From The Real Deal

The Related Companies is expected to close on the Phillips Point office towers in West Palm Beach for $282 million.

AEW Capital Management is selling the 448,914-square-foot office complex. The deal, which will mark the largest office sale in South Florida in more than a year, is set to close in a couple of weeks.

A source confirmed details of the sale to The Real Deal.

Related will pay about $630 per square foot for the buildings at 777 South Flagler Drive and 201 Lakeview Avenue. Records show AEW paid $246 million for the two towers in 2015. They sit on more than 4 acres overlooking Palm Beach island.

JLL brokers Hermen Rodriguez, Ike Ojala and Matt McCormack were marketing the building for sale as of last month. The brokerage declined to comment on the deal……

read the rest in The Real Deal