David Associates Buys West Palm Beach Office for $30M
By Julia Echikson February 1, 2022 3:03 pm
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The David Associates bought a West Palm Beach, Fla. office complex for $29.3 million.
The Forum is a two-building office property, located at 1655 and 1665 Palm Beach Lakes Boulevard, along the I-95. The 10-story buildings are 90 percent leased, per CBRE (CBRE)‘s capital markets division, which represented the seller, Triarch Capital Group.
The Aventura-based company purchased the complex, completed in 1977, for $22.5 million in 2017, according to property records.
“The future of the office market in West Palm Beach is extremely promising. An influx of new-to-market tenants have contributed to a leasing velocity never seen in this market before,” CBRE’s Marcos Minaya said in a statement. He, along with Christian Lee, represented the seller.
The 185,650-square-foot office property sits adjacent to the Palm Beach Outlets as well as a Whole Foods Market-anchored outdoor mall. Last month, Starwood Capital Group, led by billionaire Barry Sternlicht, paid $130 million for the strip mall.
The David Associates is based only three miles away in Downtown West Palm Beach. The firm led by Al Marulli, owns offices and warehouses in Florida, Connecticut and North Carolina.
A representative for the real estate investment company did not immediately respond to a request for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
