Wednesday, January 02, 2008
New Boston Fund Acquires AtlanTech Tower
Tower is first large-scale commercial acquisition in Florida
Ft. Lauderdale, FL (January 2, 2008) - New Boston Fund, Inc., a private equity real estate investment, development and management firm, recently announced the acquisition of AtlanTech Tower, a 413,000 square-foot 11-story office building along with 2.5 acres of developable land.
AtlanTech Tower, renovated in 2001, is the largest office building in Broward County and is located along North Federal Highway. The building was acquired by New Boston 88% occupied. Some of the major tenants include AT&T, Whole Foods, Matria Health Care, and Wachovia.
The AtlanTech Tower is New Boston`s first large-scale commercial acquisition in Florida, said Pryse Elam, Senior Vice President and Regional Director for the Southeast at New Boston. We are actively pursuing the right investment and development deals in the Southeast region as we continue to expand our Florida office and further develop our Southeast portfolio.
Last month, New Boston officially opened its new Florida headquarters located in Delray Beach and managed by Pryse Elam. The acquisition of AtlanTech Tower is the first office building purchased by New Boston in the Southeast region and part of New Boston Fund`s regional and diversified investment strategy. The company`s other projects include the Slade at Channel Side, a joint-venture luxury condominium project in Tampa; the Preserve at Deer Park, a 448-unit, garden-style apartment community in the Tampa area; Cameron Lakes, a 207 unit garden style apartment community in Clearwater; and the Gallery Arts Condominiums in Miami.
The acquisition of AtlanTech Tower is a cash flowing acquisition with value-added upside through re-leasing and re-development, and represents a perfect example of our regional, diversified investment strategy in the Southeast, said Phillip Bakalchuk, Senior Vice President, Acquisitions for the Southeast at New Boston. New Boston will continue to seek new residential and commercial acquisition and development opportunities as we secure a permanent presence in the Southeast region.
AtlanTech Tower is the first property acquired in the Southeast region by the New Boston Real Estate Fund VII, a $350 million fund that focuses on capital preservation and value enhancement with extensive diversification across strategy, geography, and property type.
About New Boston Fund
New Boston is an independent, privately owned real estate investment manager and an industry leader in providing real estate investment, development and management services with a history of strong sponsorship and oversight of its investment funds. New Boston has developed or acquired commercial and residential properties with a cumulative market value of about $4.0 billion including 20 million square feet of commercial real estate and 6,700 residential units. Our investment vehicles cater to institutional and high-net worth investors by offering value add and urban real estate investment funds with a focus on diversification and capital preservation. New Boston Fund: People, Values, Returns.
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