West Palm Office Building Goes On Market For $16.5M

CBRE, Inc. has been hired to sell the Sabadell United Bank Building, a 12-story, 113,567 square foot asset in West Palm Beach, along with its five-level structured parking garage.

The asking price is $16.5 million, or $145 per square foot.

Built in 1980, the building is 86.9 percent occupied. The occupancy of the building is expected to decrease to 80 percent with the pending relocation of Rosenthal & Levy. Outside of Rosenthal & Levy, 19.4% of leases are expiring on a PSF basis through 2014.

PEBB Enterprises of Boca Raton purchased the Sabadell United Bank Building, located at 1645 Palm Beach Lakes Blvd., and the Horizons Building, located at 1401 Forum Way, in November 2011.

The combined purchase price was $14,250,000 for the two buildings.

Since then, the property has been significantly repositioned with over $700,000 in common area and building system improvements.

Source: CityBiz