The building is located in the same market as Flagler Plaza, a 40-acre parcel the Jacksonville-based developer owns here, which has entitlements to build up to 550,000 sf. This acquisition follows the company's February purchase of Doral Concourse, a 240,144-sf class A office building in the Airport West submarket for $41 million.

Both acquisitions used the $80 million in tax-deferred proceeds from its December 2004 sale of a 460-acre industrial parcel adjacent to Flagler Station. Those proceeds were placed in a 1031 exchange escrow account. "We have now deployed the proceeds in a tax-advantaged manner into two buildings," says Robert W. Anestis, chairman and CEO.

"Sunrise Corporate Plaza is a class A, recently completed, fully stabilized, well located building," says G. John Carey, Flagler's president. "Broward County is projecting job growth, which should keep this strong for years to come. In addition, Flagler Plaza's 40 acres is one of the last remaining office entitled parcels in this land-constrained submarket. This acquisition provides the base from which to execute our development plan."

Shane Soefker, Flagler's VP and market officer for South Florida, will oversee management and leasing of Sunrise Corporate Plaza.