Completed in the second quarter this year, the Beacon Square Park office building is occupied by International Business Machines Corp. under a build-to-suit agreement, according to a shareholder's report St. Joe filed earlier this year with the Securities and Exchange Commission.
St. Joe expects to gain $5 million, or EBITDA per share of six cents, on the sale. This is the second office-building sale in Boca Raton this year for St. Joe affiliates.
Earlier this year, St. Joe Commercial sold a newly constructed 310,000-sf class A office building for $52.5 million, or about $168 per sf, to the National Council on Compensation Insurance Holdings Inc.
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