PGIM Real Estate recently completed the sale of a 222,757-square-foot office tower located at 355 Alhambra Circle for $90 million. The buyer, Princeton International Properties Corp, was represented by a team from Cushman & Wakefield led by Mike Davis. This transaction has no impact on the Bank of America lease.
The selling price equates to $404 per square foot and marks an increase from its last trade in 2015 for $83.08 million. Developed in 2001 on a spacious lot measuring at approximately 1.19 acres, this sixteen-story building also features a seven-story parking garage attached to it.
According to reports from South Florida Business Journal, Princeton International plans to renovate the property which currently offers space available for lease ranging between $56 and $57 per square foot.
