PNC office building in West Palm Beach sells for $14M amid tight market

Morning Calm Management bought the 71K sf building

Miami /
Jan.January 11, 2019 01:30 PM

Mukang Cho (Credit: Family Offices and iStock)

UPDATED Jan. 11, 6:10 p.m.: PNC Bank just sold an office building in West Palm Beach for $14.2 million to Boca Raton-based Morning Calm Management.

MCM 205 Datura, which is tied to Morning Calm Management, bought the nearly 71,000-square foot-building at 205 Datura Street for about $200 per square foot, records show.

The office building most recently served as the regional headquarters for PNC Bank before the bank moved its offices to Palm Beach Gardens. It also has a 10-story parking garage.

Timber Creek Real Estate provided a $20 million loan for the project, records show. Ackman Ziff’s Melissa Rose and Peter Weiss arranged the financing for 205 Datura.

The building was last purchased in 1998 by Fidelity Federal Savings Bank of Florida for $6.5 million. National City Bank bought Fidelity in 2007 and PNC acquired National City in 2008.

West Palm Beach has limited Class A office space. The lack of supply has made existing office properties attractive for developers and for investment groups. In August, the West Palm Beach City Commission approved the controversial Okeechobee Business District, allowing Related Companies’ 25-story Class A office building to go forward.

Morning Calm Management has been active in acquiring offices throughout the country. In February, it bought a 13-story office building in Baltimore for $60 million. And in 2017, the company bought a 206,000-square-foot office building at 301 East Yamato Road in Boca Raton for $38.9 million.


Related Articles

arrow_forward_ios
501 East Las Olas Boulevard in Fort Lauderdale, FL with CP Group’s Partner Chris Eachus and Managing Partner Angelo Bianco and Macquarie’s CEO Shemara Wikramanayake (Google Maps, CP Group, Macquarie, Getty)
Related Fund Management, CP flip portion of Las Olas Square
Related Fund Management, CP flip portion of Las Olas Square
From left: BlackRock's Larry Fink and Related Companies' Stephen Ross in front of 360 South Rosemary Avenue in West Palm Beach (Getty Images, LoopNet)
BlackRock lands in West Palm Beach
BlackRock lands in West Palm Beach
Tricera Capita's Ben Mandell with rendering of The Press project (Tricera Capital)
Lease roundup: Tricera scores tenants in West Palm, Boca
Lease roundup: Tricera scores tenants in West Palm, Boca
Rendering of 830 Brickell office tower; Cushman & Wakefield's Brian Gale, JLL's Manny De Zárraga, Avison Young's Donna Abood, Dwntwn Realty Advisors' Tony Arellano and Stephen Rutchik. (Credit: OKO Group and Cain International, JLL, CW, Dwntwn Realty Advisors, Cushman & Wakefield, Avison Young, Getty, 830 Brickell)
Meet the commercial brokers making bank in Miami
Meet the commercial brokers making bank in Miami
Brick & Timber's Jesse Feldman and Glenn Gilmore, Tricera Capital's Ben Mandell, and Lndmrk Development's Alex Karakhanian with Cube Wynwd (Brick & Timber, LinkedIn, Tricera, Lndmrk Development, Getty Images)
Brick & Timber to buy Cube Wynwd office building for $60M
Brick & Timber to buy Cube Wynwd office building for $60M
Ken Griffin in the center, with Brickell (right) and Palm Beach (below)
Ken Griffin’s Citadel comes to Brickell — and supercharges the market
Ken Griffin’s Citadel comes to Brickell — and supercharges the market
Brand Atlantic Real Estate Partners managing partners Andrew Dance and Adam Demark, and renderings of the two buildings at 300 Banyan Boulevard and 111 Olive Avenue (Brand Atlantic Real Estate, Getty)
JV scores $87M construction loan for West Palm Beach office projects
JV scores $87M construction loan for West Palm Beach office projects
Keiser University CEO Arthur Keiser in front of 1900 West Commercial Boulevard and 1500 Northwest 49th Street in Fort Lauderdale (Keiser University, Keenan Development Group, Getty Images)
Keiser University sells pair of Fort Lauderdale office properties for $58M
Keiser University sells pair of Fort Lauderdale office properties for $58M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...