August 5, 2019
Real estate investment firm Capstone acquired 1700 Palm Beach Lakes, an 11-story, 113,964-square-foot office tower in West Palm Beach for $19.3 million.
Built in 1988, the property features structured parking and a covered entrance. At the time of sale, the property was 89% occupied to a tenant roster that includes the Internal Revenue Service, Valley National Bank, Uniters North America and Comcast Spotlight. Previous ownership recently completed a $2-million capital investment program that included a complete elevator modernization, lobby and garage restorations and a full-building generator replacement.
Scott O’Donnell, Dominic Montazemi, Greg Miller, Miguel Alcivar and Michael Ciadella of Cushman & Wakefield represented the seller, 1700 PBL LLC, in the transaction. Additionally, Jason Hochman of Cushman & Wakefield arranged $18.4 million in acquisition financing for Capstone through Blue Vista Finance.
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