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KBS Real Estate Investment Trust II sold the complex to an unidentified private buyer. CBRE, which represented KBS in the transaction, identified the new owner as a private New York City-based investor backed by offshore capital.

Northland is the second largest multifamily owner and operator in Florida.

The single-story building is located at 132 54th St. Jones Lang LaSalle has been selected to manage the leasing effort.

"We saw strong interest in this site, as the planned four-season experiential, boutique hotel is positioned perfectly to capitalize on the growing health and wellness trend," Michael Gembecki of Cushman & Wakefield tells GlobeSt.com.

The law firm has signed a lease for space on the 12th floor of the 35-story tower building and expects to take occupancy in April.

The initiative is part of a $100-million strategy announced last Friday by Fifth Third Bank to invest in Qualified Opportunity Zones across the nation

Rockport Mortgage Corp. closed a $24-million FHA loan for the. Verona Senior Citizens Apartments in Verona and $27 million in FHA financing for Mansion Apartments in Pine Hill.

The plan calls for enacting 0.75% and 2% utility energy efficiency standards for natural gas and electricity, respectively, improving energy efficiency programs, adopting new clean energy and energy efficiency financing mechanisms and strengthening building and energy codes and appliance standards.