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BOCA RATON, FL-Turbo Investments International Inc., an offshore real estate investment firm, has paid more than $7.1 million, or nearly $300 a sf, for the Northern Trust Bank Building here. The per-sf price for this 24,000-sf, class A office building, located on Military and Potomac trails, was a record for a build-to-suit space in the city.

The seller was Military Trail Realty Holdings Inc., which is owned and funded by Bryason Corp., a portfolio developer of class A office space.Northern Trust Bank recently relocated to the building from its previous headquarters at 301 Yamato Road, also in the city. Northern Trust Bank signed a 15-year lease and began operating at its new location Nov. 3. Bryason Realty Corp. will still manage the property.

“Turbo Investments International saw the tremendous value in this building,” according to Charles Shane, president of the full-service, locally based commercial real estate firm Bryason Realty Corp., who represented Military Trail Realty Holdings in the transaction. “This acquisition gives them a valuable asset and a long-term and reliable tenant in Northern Trust Bank.”

“While this was a record per-sf sale, we anticipate that this milestone will be surpassed as other class A buildings come on the market,” Shane adds. “Boca Raton is regarded as one of the leading office markets in the country, and we’re seeing continued interest in our real estate from potential buyers and tenants from all parts of the country.”

Gary McDaniel of Investment Realty Associates in Nashville, TN, represented Turbo Investments International in the sale.

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