WEST PALM BEACH, FL-Phillips Point, a two-tower, 423,323-rentable-sf, trophy office complex here, has been sold for $138 million. The property, located at 777 S. Flagler Dr., is regarded as the premier office property in Palm Beach County. The waterfront property is located in the city’s central business district.

Hart Advisers Inc., on behalf of one of its clients, sold the office complex to a consortium that includes Winter Organization and Heller Properties for close to $330 per sf. GlobeSt.com reported in mid-August that the more than 95%-leased property had been put up for sale.

Tenants include Greenberg Traurig, Gunster Yoakley, Smith Barney, Wachovia Bank, Ernst & Young, KPMG, Alliance Capital Management, Conopco (Unilever), Jacuzzi Brands, Morton’s, Steel Hector & Davis, Harris Banks and Wealth Advisory & Tax Service (HSBC). Many of the tenants have been at the complex since it opened in 1986.

Features in the buildings include on-site restaurants, on-site structured parking, valet parking, 24-hour manned security and class A interior finishes. The property has views of Lake Worth, Palm Beach Island and the Atlantic Ocean.

Hart Advisers’ Phillips Point Inc., which owned the office complex for seven years, purchased it when it was 10 years old. Hart Advisers paid nearly $88.8 million for the property in December 1996, according to the Palm Beach County property appraiser’s office. “The industry reactions to our acquisition of Phillips Point back in 1996 with respect to pricing raised a few eyebrows,” John C. Molloy, managing partner of Hart Advisers, says in a statement. “Today, looking back at the initial purchase, all of our initial goals were achieved and exceeded with the closing of this transaction. Additionally, the asset is positioned well for the next cycle. I’ll miss the view, but love the price.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.