WEST PALM BEACH, FL-Apollo Real Estate Advisors sold a four-building office portfolio aggregating 442,077 sf to JP Morgan Asset Management Co. for $92.5 million or just under $209.24 per sf. The buildings are Bank of America Center, Centurion Tower, Northpoint Corporate Center and 1400 Centrepark, and all were built in the mid-1980s.

Bank of America Center is a 10-story building at 625 N. Flagler Dr. It aggregates 105,057 sf and is 97% leased. Bank of America anchors and Becker Poliakoff is also a major tenant. The 14-story Centurion Tower aggregates 144,141 sf. It is at 1601 Forum Place and is 89% leased. Oxbow Corp. and BDO Seidman are among the tenants. Northpoint Corporate Center at 701 Northpoint Parkway is a five-story building with 98,962 sf. It is 88% leased, and Bellsouth and Infiniti Radio are key tenants. The 1400 Centrepark building at 1400 Centrepark Blvd. is a 10-story structure aggregating 93,917 sf. Key tenants are Shoes for Crews and Laird Plastics, and it is 88% occupied.

Hermen Rodriguez, managing director, Manuel de Zarraga, executive managing director, and Sabrina Hochman, real estate analyst in the Miami office of Holliday Fenoglio Fowler, represented New York-based Apollo in marketing the portfolio and in the transaction. “It’s probably the largest portfolio sale in West Palm Beach in several years,” Rodriguez tells GlobeSt.com. “Apollo had held the properties for awhile and wanted to realize their profits. It was a great opportunity to acquire a ‘critical mass’ in one of South Florida’s most sought-after markets, and these are high quality buildings at below replacement cost.”

Justin Krebs, VP of acquisitions in JP Morgan’s New York City office, represented the buyer, which acquired a fee simple interest in the portfolio on behalf of its income and growth fund. The portfolio is free and clear of existing debt. A team in the Miami real estate department of the New York City-based law firm of Stroock & Stroock & Lavan negotiated terms of the acquisition for JP Morgan and also acquisition financing, which was provided by Atlanta-based Column Financial Inc. That team included Manny Fernandez, Jonathan Kurry and Martha Rabbitt.

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.