Office complex in West Palm Beach for sale

The owner bought the 280,000-square-foot cluster of office buildings for $13.7 million in 2010.

Sep.September 19, 2015 12:00 PM

The owner of the Forum office complex in West Palm Beach has listed the 280,000-square-foot property for sale.

The owner is an affiliate of Miami-based Panther Capital Management, which bought the Forum for $13.7 million in 2010.

The Forum is a cluster of three 10-story office buildings, located at 1655, 1665 and 1675 Palm Beach Lakes Boulevard.

The Forum buildings, constructed in the 1970s, command rental rates under $20 per square foot.

Since Panther acquired the Forum, its occupancy rate has risen to 61 percent from 50 percent.

“They’re trying sell it now because prices are so high,” Neil Merin, chairman of NAI/Merin Hunter Codman in West Palm Beach, told the Palm Beach Post.

The Forum has a “fabulous location across from the mall,” Merin said, referring to the Palm Beach Outlets shopping center.

The Forum is located on a stretch of Palm Beach Lakes Boulevard that has been reinvigorated since the demolition of the old Palm Beach Mall to make way for the Palm Beach Outlets, which opened in 2014.

Jeff Greene, the Palm Beach billionaire, cited the one-year-old Palm Beach Outlets and its tenant mix, including a Whole Foods supermarket, as a catalyst for his 548-unit rental development called Cameron Estates, located just off Palm Beach Lakes Boulevard on Hank Aaron Boulevard. Completion of the third phase of construction is expected in October. Monthly lease rates start at $1,300. [Palm Beach Post] — Mike Seemuth

Related Articles

Howard Lorber and a rendering of the Bristol

Howard Lorber picks up unit at the Bristol in West Palm Beach

Daily Digest Miami

Heir to Merck pharma fortune sells Palm Beach estate, Brookdale buys back Sawgrass Park portfolio for $80M: Daily digest

345 30th Street, Brandon J. Rex and Evan P. Kristol

Rosen Equities picks up West Palm Beach apartments for $6M

Daily Digest Miami

Ben Carson talks Opportunity Zones, top developers riff on condos vs. rentals: Daily digest

Daily Digest Miami

Quiksilver signs a lease in Miami Beach, Delray Beach’s Atlantic Crossing announces first retail and office tenants: Daily digest

The Bristol and Thomas J. Healey

Financial mogul pays $6.5 million for unit at the Bristol in West Palm

2751 South Dixie Highway, Scott Sherman and Ben Mandell

Tricera reveals plans for redevelopment of Palm Beach Post building

Daily Digest Miami

The trade war could hurt the industrial real estate boom, Hurricane Dorian’s impact on Florida’s hotels: Daily digest