FORT LAUDERDALE, FL-Florida Office Property Group has sold Cypress Financial Center to Palm Beach-based Tricony Management for $48 million or $242 per sf, setting a record for office sales in the Cypress Creek submarket. Tricony, a private investment group, acquired the adjacent 215,049-sf Trade Centre South class A building at 100 W. Cypress Creek Rd. for just under $29.2 million in July 2004.

Cypress Financial Center is an 11-story, 198,680-sf building located at 5900 N. Andrews Ave., which provides direct access to Interstate 95. It was built in 1987 and is 83% occupied. Among the tenants are Altadis USA, Brown & Brown Inc., and Tarragon South Development. Jones Lang LaSalle’s capital markets group arranged the sale. The quoted rental rate for space in the building is $28.50 per sf, according to JLL, which notes that class A rates in this submarket have risen 5% in a year.

Robert Bradley, managing director of the Miami office of Holliday Fenoglio Fowler, arranged a $33-million mortgage from Lehman Brothers Holdings to finance the acquisition. It is a 10-year, fixed-rate securitized loan. HFF also provided financing for Tricony’s buy of Trade Centre South. “Tricony now owns two of the most prominent class A office buildings in the Cypress Creek submarket,” Bradley says.

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