Parmenter, a Miami-based private real estate investment anddevelopment company, projected selling the 24-story asset in 2009for an estimated price of $62.5 million. Andrew Weiss of Parmentertells GlobeSt.com the asset reached the target early. It was 70%leased when Parmenter bought it, and Weiss says occupancy is now"in the low 80s."

Charles J. Foschini, senior director of CBRE Melody's SouthFlorida office in Miami, and Christian R. Lee, EVP of the Miamioffice of CB Richard Ellis, represented Parmenter and were the solebrokers in the transaction. In connection with the sale, Foschiniand Lee worked with Keith Braddish, senior director in CBREMelody's New York City office, to arrange $40 million inacquisition financing for Cabot from Greenwich Capital.

The building, located on about 1.6 acres in the heart of theCBD, was built in 1982. It is a class A property, and among itstenants are Certified Tours, Silverseas Cruises, State FarmInsurance, Stratis, Sprint Communication and Walton Lantoff. Weissdeclined to disclose the current asking rental rates, which werepreviously listed at about $26 per sf.