The Real Deal Miami

Triarch buys West Palm office buildings next to Astros owner’s planned hotel

Adjacent office building is being redeveloped into 190-room hotel
By Amanda Rabines | January 08, 2018 06:20PM

 

Triarch Capital Group just paid $22.5 million for two office towers in West Palm Beach.

An affiliate of investment management firm Crimson Peak sold the towers, once part of a trio collectively named the Forum, before Houston Astros owner Jim Crane paid $6.5 million for the westernmost building in February, according to property records.

In December, Crane scored a $19 million loan from Woodforest National Bank to redevelop the building into a 190-room hotel.

Records show the Crimson Peak affiliate, headed by Mark Paresky, bought the three office building complex at 1655-1675 Palm Beach Lakes Boulevard for $20.5 million in February 2016.

The Forum is located about five miles south of the Ballpark of the Palm Beaches, a spring training complex the Astros are sharing with the Washington Nationals. The 6,500-seat facility, along Military Trail south of 45th Street, opened last year.

The two adjacent 10-story buildings sold 92 percent leased, according to Triarch Capital’s Daniel Halberstein. Major tenants in the 1970s-era buildings include Humana and Airamid Health Services. Halberstein said the firm is planning to upgrade the buildings and renovate its parking garage.

CBRE’s Christian Lee, José Lobón and Amy Julian represented the seller, and Colliers International South Florida’s Jonathan Kingsley represented the buyers.

Triarch Capital has grown its commercial investment portfolio, since being founded in 1996 by Halberstein, Mario Grosfeld and Jorge Linkewer. In 2016 the firm paid $74 million for the Doral Costa office park. Its focus has mainly been in retail properties anchored by grocery chains, according to its website.