Office Complex In WPB Sells For $29.25 Million

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, 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 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 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.