ORLANDO-Boston-based-New Boston Fund Inc., a private equity realestate investment, development and management firm, acquired acontrolling interest in the 137,000-square foot SouthpointExecutive Center, a Class A office building in the Orlando suburbof Maitland, on May 12th. The former owner of the property, now aminority partner, is the Stiles Corp. of Ft. Lauderdale.

Stiles purchased the Southpoint Executive Center in 2007, butthe building, which is 20 years old, lost tenants over the last fewyears, the most important being Embarq, a telecommunicationscompany, which occupied roughly 60,000 square feet. After thecompany was acquired by CenturyTel Inc., now CenturyLink, lastsummer, it left Southpoint.

With the loss of tenants, the lender wouldn’t put new money intothe property, says Pryse Elam, southeast regional director for NewBoston Fund, which stepped in and paid off the commercialmortgage-backed securities loan on the property. While he declinedto say how much his firm paid for the debt, the original loan was$17 million, he says, although New Boston paid a discountedrate.