PROFILE

  • 17-story trophy office tower in the heart of West Palm Beach CBD with views of the Atlantic Ocean, Intracoastal Waterway and Downtown West Palm Beach
  • Property immediately adjacent to Palm Beach Island and a short walk to the renowned CityPlace mixed-use development
  • Spectacular intracoastal and ocean views

Ownership Period:

2011 - 2016

Realized IRR:

26.93%

Realized EM:

1.53x

Purchased

$71MM

Price

70%

Occupancy

Sold

$125.88MM

Price

98%

Occupancy

Execution

  • Leased the property from 60% to 98% in under three years - the highest occupancy in the building's 27-year history
  • Successfully implemented a 1.8MM plaza renovation including new monument signage and adding porte-cochere on Chase Avenue
  • Capitalized on rolling tenants, with 115K square feet (41% of leasable area) of new/expansion leasing activity since June 2015

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