The Real Deal Miami

Repossessed Concourse Towers in West Palm Beach sold for $13.8M

The two 10-story office buildings sold for $92 psf
By Amanda Rabines | June 06, 2017 02:35PM

2000 and 2090 Palm Beach Lakes Boulevard (Credit: Friedman Integrated Real Estate Solutions)

Concourse Towers in West Palm Beach just sold for $13.81 million to 2000-2090 Palm Beach Lakes LLC, led by Carlos G. Morrison and Thomas J. Morrison, according to Real Capital Analytics.

The two 10-story office buildings at 2000 and 2090 Palm Beach Lakes Boulevard total 130,680 square feet, records show. The sale price breaks down to $92 per square foot.

The towers were repossessed by a commercial mortgage-backed securities trust as collateral from borrower 2000 PBL Venture, in 2013, according to RCA. BACM 2005-3 Deaderick Office LLC, an affiliate of the CMBS trust with LNR Partners were the sellers.

Property records show 2000 PBL Venture bought the towers just west of the exit to I-95, for $7.3 million in 1996. They were built in 1979 and 1981.

In March, New York-based Related Cos. proposed a 25-story waterfront office building in West Palm Beach following the city’s rejection of a 30-story version of the project.

A recent real estate development and investment forum in West Palm Beach pointed out the county’s lack of available commercial space and traffic problems.

Harunobu Coryne contributed reporting.