Winthrop Financial Associates

CenTrust Tower, a Miami office high-rise stuffed with luxuries ordered by ousted Chairman David Paul, will be sold for $44 million, a $6-million discount on the asking price, federal regulators announced. The sale to Winthrop Financial Associates, a Boston-based real estate investment management firm, is the second-biggest real estate deal by the Resolution Trust Corp., which is responsible for selling seized savings and loan assets.

New Management at Park Place: Trammell Crow Co. and Winthrop Financial Associates have switched hands in the management of their jointly owned buildings in Park Place, a 105-acre business center under development in Irvine. The two companies bought the eight interconnected buildings from Fluor Corp. in 1985. For the past seven years, Trammell Crow has managed the buildings.

Escrow on the $340-million deal closed following eight hours of document signing. Trammell Crow Co., in partnership with Winthrop Financial Associates of Boston, acquired the property. Fluor, an Irvine engineering and construction company, is selling its assets in response to a prolonged slump in the worldwide engineering market. Trammell Crow said it plans to build hotels, office buildings and retail space on the 122 acres surrounding Fluor's headquarters, which the company is leasing back.

CenTrust Tower, a Miami office high-rise stuffed with luxuries ordered by ousted Chairman David Paul, will be sold for $44 million, a $6-million discount on the asking price, federal regulators announced. The sale to Winthrop Financial Associates, a Boston-based real estate investment management firm, is the second-biggest real estate deal by the Resolution Trust Corp., which is responsible for selling seized savings and loan assets.

New Management at Park Place: Trammell Crow Co. and Winthrop Financial Associates have switched hands in the management of their jointly owned buildings in Park Place, a 105-acre business center under development in Irvine. The two companies bought the eight interconnected buildings from Fluor Corp. in 1985. For the past seven years, Trammell Crow has managed the buildings.

The engineering company's previously reported plan to sell and develop its Irvine headquarters property got a boost as Winthrop Financial Associates, a Boston real estate investment banking firm, formed a partnership with an affiliate of the Trammell Crow development company to raise money for the project. Trammell Crow and Winthrop have been working on the financing proposals for several months.

Caroline Ahmanson, Harry Bubb and Betty Moss, from left, live it up at the Ritz restaurant in Newport Beach on Sunday after the presentation of Business in the Arts awards to 13 local businesses. Receiving awards were: Five Feet restaurant, Tiffany & Co., Trammel Crow Co./Winthrop Financial Associates, Ford Motor Co., KPMG Peat Marwick Main & Co., First Interstate Bank, Pacific Bell/Pacific Telesis, Security Pacific Corp, and The Times Orange County. Also receiving awards were the Irvine Co., C.

Thirteen Orange County firms were honored here Sunday night for "outstanding and innovative support of the arts" by the Orange County Business Committee for the Arts. Also cited was South Coast Repertory, which won a $1,000 grant, for forming support ties with local businesses. The business committee, founded in 1981 to encourage business support of the arts, has awarded 85 Business in the Arts Awards for firms' support of the arts ranging from cash contributions to hours of volunteer services.

Park Place contains 1.8 million square feet of space in a distinctive, 10-story tower and six atrium buildings of four stories each. It houses the world headquarters of Fluor Corp., from which the property was bought in 1985. Denny's Inc. recently moved its international headquarters to the complex. Future plans for Park Place include additional office, shopping, entertainment and hotel space.

Despite a last-minute protest, the Irvine City Council on Tuesday gave final approval to a zoning ordinance change that will allow mixed-use development--including hotels, restaurants and high-rise office buildings--on Fluor Corp.'s headquarters site. The council voted 4 to 0 for the change on the ordinance's second reading.

Escrow on the $340-million deal closed following eight hours of document signing. Trammell Crow Co., in partnership with Winthrop Financial Associates of Boston, acquired the property. Fluor, an Irvine engineering and construction company, is selling its assets in response to a prolonged slump in the worldwide engineering market. Trammell Crow said it plans to build hotels, office buildings and retail space on the 122 acres surrounding Fluor's headquarters, which the company is leasing back.

Fluor Corp. said Wednesday that it had entered into a $380-million joint venture with the Trammell Crow Co. to develop 160 acres surrounding Fluor's engineering center in Sugar Land, Tex. Dallas-based Trammell Crow, the real estate development firm which last year led a group that bought Fluor's 162-acre headquarters in Irvine for $340 million, and Fluor will split the Texas project evenly. The project will consist of phased construction of approximately 1.

The intricate financial details surrounding the sale of Fluor Corp.'s corporate headquarters site and plans for development of its prime acreage, including a $204-million loan from Newport beach-based Pacific Mutual Life Insurance Co., have been revealed in documents filed with the Securities and Exchange Commission. The Pacific Mutual loan will be combined with $183 million to be raised from investors to finance the sale and proposed development of Fluor Corp.'