The plaza consists of three class A office buildings located at11760, 11770 and 11780 US Highway 1. New York-based law firmStroock & Stroock & Lavan LLP represented the fund in theacquisition of an interest in the property and subsequentrefinancing with ING Life Insurance Co. Stroock's team was led byMiami office real estate partners Manuel Fernandez, Jonathan Kurryand associate Martha Rabbitt. West Palm Beach-based Merin HunterCodman Inc. will manage the property. The sales price was not madepublic because only an interest was purchased.

Kurry tells GlobeSt.com that the transaction reflects two trendsin the marketplace. First, the purchasing of interests inproperties--rather than entire properties--is becoming more popularin areas like Palm Beach County, where the total inventory of classA office space is limited. In addition, the county is attractingmore institutional investors. In the last year, Stroock hasrepresented clients in the acquisition and financing of nine otherclass A buildings in Palm Beach County, which Kurry says representsin the range of 70% of the total inventory of class A space. Theproperties included Granite Gardens at 3801 PGA Blvd.; buildingslocated at 7121, 7108 and 7111 Fairway Dr.; Centurion Towers at1601 Forum Place; 1400 Centrepark at Interstate 95 and BelvedereRoad; Northpoint Corporate Center at 701 Northpoint Parkway; andBank of America Center at 625 Flagler Dr. "We're seeing a trend ofinstitutional money, such as those from pension funds, going intothat market," Kurry says.

Kurry adds that investors are attracted to Palm Beach Countybecause it is becoming home to many high-profile companies. "Peopleare anticipating that high-profile tenants will be coming into themarket. The county is encouraging it," he says.