UrbanAmerica announces $50M sale

Office space improved during its ownership

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UrbanAmerica LP recently sold a 495,000-square-foot office building in Tallahassee, Fla., to a limited liability company for approximately $50 million. New York-based Ajax Investment Partners LLC purchased the two-story, class B Northwood Center, which at closing was occupied by tenants that included the Department of Education, the Department of Children and Families, Sprint, and Pro Financial. UrbanAmerica initially purchased the property, located on Monroe Street, in December 2000 for approximately $35.6 million, and directed a significant capital program to enhance the property through physical improvements and aggressive leasing to both government and retail tenants. ...