West Palm Beach office tower sells for $18.5M

DRA Advisors has sold the 1700 Palm Beach Lakes office tower in West Palm Beach for $18.5 million, according to CBRE, which handled the deal on behalf of DRA. The purchaser was Breakers Capital Partners, a limited liability company which acquired $13.73 million in financing with help from CBRE. The property, which was built in 1988, was 87 percent occupied at the time of closing with tenants including the Internal Revenue Service and 1st United Bank. CBRE’s Christian Lee, Charles Foschini, Scott O’Donnell, Dominic Montazemi and Anthony Librizzi marketed the asset for sale on behalf of DRA. Librizzi has been retained by Breakers Capital to provide leasing services for the property. — Alexander Britell