17-story, 256,151 SF trophy office tower in the heart of West Palm Beach CBD with views of the Atlantic Ocean and Downtown West Palm Beach
Acquire a trophy asset with the only sizable Class A vacancy in West Palm Beach at a significant discount to replacement cost (62%) and historical trades
Purchase for $71MM ($280/SF), well below the asset’s high water mark ($420/sf) with upside through aggressive reposition, renovations, asset management and leasing
Successfully implemented a $1.8MM plaza renovation including development of a much needed porte-cochere
Leased the property from 70% to 98% - the highest occupancy in the building’s 27-year history - and ultimately sold the asset for $490/sf
Major tenants brought to asset during ownership totaled approximately 100,000 SF
