Located at 951 Yamato Rd. near I-95, the class B building sits on a 10-acre parcel of land in the Arvida Park of Commerce and was originally developed by IBM in 1992. The structure underwent renovations in 1995 after it was acquired for $7.8 million. Songy plans to lease the structure to a single tenant or to several tenants, as the building was designed to accommodate either situation.
For Songy, the purchase marks a return home of sorts; the company got its start in Boca Raton in 1992, but relocated to Atlanta six years later. Charlesbank was eager to partner up with Songy on the deal. "We have been impressed with Songy Partners' ability to acquire and reposition assets effectively," Charlesbank managing director Charles F. Wu says.
Tyco put Sensormatic's home on the market through Cushman & Wakefield in November of last year, three months after acquiring Sensormatic for $2.3 billion in stock deal and a $116 million assumption of debt.
Tyco then relocated Sensormatic staff to its own headquarters, also in Boca Raton. At the time, there was no price tag attached to the building, but as of last month Cushman marketed the structure on its website at $17.25 million.
Miami-based Cushman & Wakefield of Florida Inc. brokers Christopher J. Metzger, Richard F. Etner Jr., Sky Groden and Mitchell Millowitz negotiated for Tyco.
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