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Winthrop acquires landmark.

Winthrop Financial Associates closed on its purchase of the landmark CenTrust Tower in Miami from the Resolution Trust Corporation (RTC). Winthrop paid $44 million for the 47-story skyscraper, which contains 567,572 rentable square feet. As part of Winthrop's initial marketing efforts, the building has been renamed International Place and officially opened as such on Dec. 3, 1991.

Winthrop executives report they are using the firm's financial strength and stability to be aggressive and buy while the opportunity exists.

"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, dry cleaner and day care center -- all of which will further enhance this signature property."

The building's unique exterior lighting system and distinctive three-tiered design by world-renowned architect I.M. Pei, make it perhaps the most recognizable in Miami's downtown skyline and one of the best-known office structures in the entire country.

This latest transaction adds to an existing Winthrop portfolio that represents over $6 billion in total capitalization, and with over 2,500 employees, makes Winthrop Financial Associates one of the nation's largest real estate investment and management corporations.
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Title Annotation:Winthrop Financial Associates
Publication:Real Estate Weekly
Article Type:Brief Article
Date:Apr 8, 1992
Previous Article:Recent financings announced by National Cooperative Bank.
Next Article:Contracting climbs 6% in Feb. for new projects.

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