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BOCA RATON, FL-Sabre EL Ltd., a Stiles Corp. partnership, has acquired the Sabre Centre I office building in the Arvida Park of Commerce from Chevy Chase, MD-based Terminal Drive Properties. The partnership of the Fort Lauderdale-based real estate development and investment company paid about $9.7 million, or $98.50 per sf, for the 98,920-sf office building at 5901 Broken Sound Parkway.

Currently, the building is fully leased to Siemens Information & Communications Networks Inc. for the next 3.5 years. Space for class B/B+ office space in the Boca Raton submarket is averaging about $14 per sf, according to industry sources.

It appears Stiles negotiated a good deal on the building, with some industry sources suggesting such property could fetch as much as $130 per sf based on a annual capitalization rate of about 9.5%.

“Sabre Centre’s location in the heart of Boca Raton’s blue chip business district made this an appealing investment,” Douglas Eagon, Stiles Corp. president, says in a prepared statement. “We’re continuing to seek quality properties for acquisition.”

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