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WINTHROP FINANCIAL ASSOCIATES CLOSES ON FORMER CENTRUST BUILDING

    WINTHROP FINANCIAL ASSOCIATES CLOSES ON FORMER CENTRUST BUILDING
    MIAMI, Nov. 7 /PRNewswire/ -- Winthrop Financial Associates, a Boston-based real estate investment and management company, closed today on its purchase of the CenTrust Tower from the Resolution Trust Corporation (RTC).  Winthrop paid $44 million for the 47-story skyscraper, which contains 567,572 rentable square feet.
    In recognition of Miami's importance as a major world trade and banking center, Winthrop renamed the property International Place.
    The landmark building's unique exterior lighting system and distinctive three-tiered design by world-renowned architect I.M. Pei has made it the most recognizable in Miami's downtown skyline and one of the best-known office structures in the country.
    "We are very pleased to be the owners of this magnificent property," said Arthur J. Halleran Jr., chairman of Winthrop Financial Associates. "Our top priorities include becoming actively involved in the South Florida business community and aggressively pursuing companies for relocation here in Miami.  As for the building itself, we are in the process of adding substantial tenant amenities, such as a travel agency, health club, hair salon, drycleaner and day care center -- all of which will further enhance this signature property."
    With a portfolio that represents over $6 billion in total real estate assets and with over 2,500 employees, Winthrop Financial Associates is one of the nation's largest real estate investment and management corporations.  Included in its portfolio are 30 million square feet of commercial space, 55,000 apartments, and 5,000 hotel rooms.  The company owns real estate in 41 states and Canada, including large concentrations in New York; Washington; Chicago; the Los Angeles metropolitan area; Denver; Philadelphia; Dallas; and Houston.
    "We are particularly excited about entering the Miami market," said Jeff Furber, Winthrop's vice president of acquisitions.  "We are also convinced that the city has tremendous growth potential, particularly when you consider its dyanmic business environment and its proximity to Latin America."
    Winthrop plans to enhance the exterior lighting of International Place with several new colors, a new design for the holidays, and some added schemes for special events.  "We intend to continue making the lights on International Place a distinctive part of the Miami skyline," said Tom Brown, Winthrop's vice president of commercial operations.  "We have a very real appreciation for the place this building occupies in the community."
    The building is scheduled to officially open as International Place on Dec. 3, 1991.
                   FACTS ABOUT  INTERNATIONAL PLACE'
    -- Formerly known as the CenTrust Building or CenTrust Tower.
    -- Located at 100 Southeast Second Street.
    -- Construction began in 1984; completed in 1987.
    -- 37-story office tower, over 10-story City of Miami parking
       garage; total of 567,572 square feet of leasable space.
    -- Taken over in February 1990 by the Resolution Trust Corporation,
       a federal agency charged with resolving the problems of
       failed savings and loans.
    -- 50 percent occupied, the building has among its major current
       tenants Fine Jacobson, PaineWebber, and Carnival Cruise Lines.
    -- The building will be leased and managed by Winthrop Management,
       a subsidiary of Winthrop Financial Associates.
    -0-                    11/7/91
    /CONTACT:  Ann Carter, vice president of investor relations of Winthrop Financial Associates, 800-333-4556/ CO:  Winthrop Financial Associates; Resolution Trust Corp. ST:  Massachusetts, Florida IN:  FIN SU: AW-JJ -- FL010 -- 0972 11/07/91 15:51 EST
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No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Nov 7, 1991
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