Optibase Announces Purchase of Marquis Residences Condominiums

by admin

Optibase Ltd. (Nasdaq: OBAS), announced yesterday that on December 30, 2010, its wholly-owned subsidiary, Optibase Real Estate Miami LLC, had acquired 21 luxury condominium units in the Marquis Residences in Miami, Florida. The condominium units were sold by Leviev Boymelgreen Marquis Developers, L.L.C., a Florida limited liability company.

Tom Wyler, chief executive officer of the company commented, “We are pleased to have completed this transaction in 2010 and convert some of our cash into a prime real-estate asset. We believe that with the right business approach, the luxury condominium units will provide us with the return we expect on an investment of this type.”

The Marquis Residences is a 67-story tower with 292 luxury residential units ranging from 1,477 to 4,200 square feet, a hotel offering seventy suites, and a spa and fitness center.

Optibase paid a net purchase price of approximately $8.6 million for the 21 condominium units.

The Company intends to hold the units for investment purposes and will consider renting or selling the units in accordance with its business considerations. Following the Company’s previous transaction in Switzerland, this investment is also an implementation of the Company’s decision to diversify its business to include investments in real estate in Europe and North America.

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