West Palm Beach, FL
$29.25 Million Sale of 185,650 SF Office Complex in West Palm Beach Arranged by CBRE Capital Markets
01 Feb 2022
CBRE has facilitated the $29.25 million sale of the fee simple interest in The Forum, two 10-story office buildings totaling 185,650 square feet in West Palm Beach, Fla., to The David Associates on behalf of Triarch Capital Group.
The sellers were exclusively represented by Christian Lee and Marcos Minaya with CBRE Capital Markets.
Located at 1655 and 1665 Palm Beach Lakes Boulevard, The Forum is 90 percent leased to 40 tenants from a variety of industries including healthcare, law, finance and engineering.
“The future of the office market in West Palm Beach is extremely promising. An influx of new-to-market tenants have contributed to a leasing velocity never seen in this market before, which has put tremendous upward pressure on both occupancy and rents,” said Marcos Minaya, a vice president with CBRE.
“The Forum is exceptionally well located with excellent connectivity to Interstate 95 and access to the city’s major transportation hubs. Tenants are within walking distance to a host of amenities, including an adjacent Hilton Garden Inn as well as the Palm Beach Outlets, anchored by Whole Foods Market and several brand name restaurants. Additionally, the property offers the highest covered parking ratio among its peers,” added Christian Lee, a vice chairman with CBRE.
The CBRE Capital Markets team also included Senior Vice President Amy Julian with CBRE’s Debt & Structured Finance and Financial Analyst Tom Rappa. The property is leased by Colliers International’s Derek Baker and Jonathan Kingsley, who also helped with the marketing efforts.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.