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n e w s
FOR IMMEDIATE RELEASE
January 30, 2007
For More Information:
Bailey Webb, SchroderPR, 404.872.7289x14
bailey@schroderpr.com
Todd Nocerini, COO, 404.995.8170, Songy Partners,
or Robert Brooks, Regional Director, 239.936.8563, Songy Partners
Songy Partners LLC Acquires 1501 Yamato Road Office Property in Boca Raton
Atlanta-based developer will transform single-tenant corporate campus into Class-A multi-tenant facility in high-profile submarket
BOCA RATON, Fla -- Atlanta-based Songy Partners LLC has acquired 1501 Yamato Road, a two-building, 175,000-square-foot Class-A development, in a sale-leaseback with Washington Mutual.
Washington Mutual will lease 105,000 square feet at 1501 Yamato, and Songy will re-tenant the remaining vacant space.
"This acquisition advances our strategy of acquiring well-located, Class-A properties with a value-added component," said Todd Nocerini, COO of Songy Partners LLC. "Acquiring this asset significantly below replacement cost and in a tightening office market positions us to provide both great leasing opportunities for prospective tenants and outstanding returns."
Originally developed as MBNA's headquarters, 1501 Yamato was built in two phases, with a two-story, 70,000-square-foot structure completed in 1980 and an additional three-story, 105,000-square-foot building added in a 1997 redevelopment of the property. An atrium connects the two buildings, which also offer a 674-space parking garage and the opportunity to add approximately 40,000 square feet of office space. Songy plans to renovate 1501 Yamato's lobby, atrium, signage, landscaping and other common areas.
Located at the intersection of Yamato Road and N. Military Trail - West Boca Raton's Main and Main - 1501 Yamato Road is at the core of the South Florida office market within the Arvida Park of Commerce, which lists Siemens, Cingular and the recently announced Office Depot headquarters, as well as Washington Mutual, as anchor tenants. The property overlooks Broken Sound Golf Club and is adjacent to Boca Raton Athletic Club. Given its location, Songy plans to offer signage rights to prospective tenants seeking large blocks of space.
The 1501 Yamato acquisition complements Songy's extensive track record in South Florida and Boca Raton. Songy developed Wachovia Plaza and Bank of Boston Financial Plaza in Boca Raton and redeveloped 951 Yamato Road before selling the asset in 2004. Songy also has developed or redeveloped Class-A properties in Fort Lauderdale, Miami Lakes, Fla., and Coral Gables, Fla., and is currently developing The Forum Corporate Park, a 42-acre site in Fort Myers, Fla., that is entitled for 475,000-square feet of Class-A office development.
"1501 Yamato is truly a landmark, and the property is sure to catch the eye of corporate tenants, especially in a market lacking large blocks of vacant Class-A space," said Robert Brooks, Florida Regional Director for Songy Partners. "As construction costs continue to escalate and the entitlement process becomes ever-more complex and lengthy, 1501 Yamato will be well positioned for pent up office demand as South Florida continues to grow."
About Songy Partners LLC
Songy Partners LLC, www.songypartners.com , is a commercial real estate firm based in Atlanta with company offices and projects in Atlanta, Houston, Miami, Mexico City, Knoxville, Tampa, Boca Raton, Fort Myers, Lafayette, La., and Dallas. The partnership was formed to acquire, renovate and develop institutional quality real estate projects throughout the United States.
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