Cement producer Cemex USA will downsize its office space after selling its building in West Palm Beach for $13.4 million.

The Mexico-based company sold the 65,760-square-foot office complex at 1501 Belvedere Road to District Pointe LLC, a joint venture between Index Investment Group and West Palm Beach-based Verdex Construction. The price equated to $204 per square foot.

Cemex affiliate Rinker Materials constructed the building on the 4.85-acre site just west of downtown in 1983. Cemex was the sole occupant.

According to Colliers International, Cemex is leaving the property in a few months. The company has less need for office space because more people are working virtually, so it will move to a smaller office nearby.

As for the buyers, they will rebrand the building District Pointe, completely renovate it, and reposition it into a multitenant building. Verdex Construction, one of the largest general contractors in South Florida, will occupy a full floor of the building.

Mark M. Rubin and Bastian Laggerbauer of Colliers International represented the buyers, while the sellers worked with Michael Feuerman, Steve Hyatt and Daniel Silver of Berger Commercial Realty.

Source:  SFBJ