Palm Beach Gardens firm pays $16M for West Palm buildings

Tambone paid $170 psf for the two buildings

Aug.August 16, 2017 05:30 PM

2400 Metrocentre Boulevard and 2410 Metrocentre Boulevard East

UPDATE: August 18th, 12:00 p.m.: A Palm Beach Gardens-based firm just paid $15.75 million for a chunk of an office complex in West Palm Beach, property records show.

Tambone Investment Group bought the two buildings at 2400 Metrocentre Boulevard and 2410 Metrocentre Boulevard East, which housed the offices of Lincoln Educational Services, a publicly traded network of for-profit technical college campuses. The buildings, which total nearly 93,000 square feet, sold for about $170 per square foot.

Records show Lincoln Educational Services bought the properties in 1995 for nearly $4 million, paying $1.7 million for the Lincoln College of Technology campus, which spans 26,959 square feet, and $2 million for the Florida Culinary Institute building, which spans 65,770 square feet.

West Palm Beach commissioners offered up to $800,000 in city, county and state incentives for companies to move to the office park. Belcan, one of the largest engineering companies in U.S., is expected to open an office there, according to the Palm Beach Post.

Office space in Palm Beach County continues to attract interest from developers, as sales activity increases and vacancy rates fall. Palm Beach’s overall vacancy rate averaged 12 percent during the second quarter, down from 15.1 percent at the start of 2015, according to a second quarter Colliers International Report.

Tambone, led by Richard Tambone, has a portfolio of real estate properties in South Florida, New Mexico and New England, according to its website. It has developed buildings for such companies as Sony, Motorola, Wartsila, Perrier and Wackenhut Corporation.

Harunobu Coryne contributed reporting. 
Correction: A previous version of this article stated the “virtual” office space provider Intelligent Office bought the buildings. Instead, one of its clients, Tambone Companies, LLC is the buyer. 

Related Articles

Rendering of the project

Time Equities plans apartments, retail on former office site in West Palm

Howard Lorber and Barry Zubrow with unit 1601 at The Bristol (Credit: Getty Images)

Howard Lorber flips condo at the Bristol to investment banker Barry Zubrow

From left: 3716 Embassy Drive in West Palm Beach and 80 Nottingham Place in Boynton Beach

South Florida properties involved in $85M debt relief scheme head to auction

603 Village Boulevard (Credit: Google Maps)

AmTrust Bank building in West Palm sells for $8M

Broadstone City Center with Alliance Residential’s Bruce Ward and Nuveen CEO Jose Minaya

Nuveen pays $103M for West Palm luxury apartments

One West Palm rendering and Jeff Greene

Construction worker injured at Jeff Greene’s project in West Palm

Al Adelson and the Bristol

High on his own supply: The Bristol developer buys a unit at his condo tower

Jason Hochman, Greg Miller, Scott O'Donnell, Michael Ciadella and 901 Northpoint Parkway 

West Palm office parks sells for $12M in tight market