fbpx

Colliers Brokers Sale of $13.4M Office Building in West Palm Beach

A 65,760 square foot office building at 1501 Belvedere Rd. in West Palm Beach recently sold for $13.4 million. The purchase was a joint venture between District Pointe LLC and Index Investment Group and Verdex Construction, facilitated by Colliers, a commercial real estate brokerage firm led by Executive Managing Director Mark M. Rubin and Director Bastian Laggerbauer.

The property was built in 1983 and has operated as a single-tenant user building occupied by its owner Rinker/CEMEX, since then. Michael Feuerman, Steve Hyatt and Daniel Silver of Berger Commercial Realty represented CEMEX.

The building will be rebranded as “District Pointe,” repositioned and thoroughly renovated from a single tenant to a multi-tenant modern office building where Verdex will be a full floor tenant. The name came from the building’s gateway position between the revitalized West Palm Beach Warehouse District and the Palm Beach International Airport.

“This was a strategic acquisition for Index Investment Group and Verdex Construction,” says Laggerbauer. “Increasing office rental rates in the Downtown core are displacing tenants to properties on the outskirts – District Pointe’s comprehensive renovation and location will make it an attractive alternative for tenants in the market.”

With sale prices for office buildings in West Palm Beach’s core downtown market continuing to rise as more owners invest in capital improvements and necessary building renovations, average rental rates in the area have almost doubled to above $60 per square foot (gross).

“The broader West Palm Beach office market provides a haven for tenants looking for more affordable rents while remaining close to the urban core,” Rubin says. “The superior access to the Airport, surrounding infrastructure and investments in these peripheral West Palm Beach buildings presents a value-add opportunity for landlords to renovate older office supply to meet the growing demand.”

Index Investment Group has its North American Headquarters in Jupiter. The Swedish-founded firm has developed more than 6.8 million square feet of commercial space and over 8,400 residential units. Verdex Construction was founded by Rex B. Kirby, Jr., a 40-year construction industry veteran. The company has become one of the leading South Florida construction companies over the last seven years.

You May Also Like

American Heritage Schools’ Palm Beach Campus Wins Top Prize at Palm Beach Regional Science Exhibition

American Heritage Schools achieved yet another remarkable victory at the Palm Beach Regional Science and Engineering Fair held at Safe Schools Institute in Boca Raton. For two years, 15 of the 30 high

Mothers Against Drunk Driving Holds Annual Walk Like MADD & MADD Dash Fort Lauderdale

The event is held in over 90 cities in the U.S.

Solarback and Changing Lives of Boca Raton Hosts Beach Cleanup

The event honored Global Recycling Day on March 18.

Savor Soflo Culinary Experience Returns to Hollywood Beach

The event showcases South Florida’s dynamic hospitality and cuisine scene.

Other Posts

Stitch Lab’s Three-Day Fashion Pop-up Makes Comeback to Miami Design District

The event serves as a launching pad for Latin American fashion.

Diversity Honors at Seminole Hard Rock Hotel & Casino Unveils Honorees

Groundbreaking and internationally acclaimed recording icon Belinda Carlisle will be among the recipients.

Hallandale Beach Event Series Seeks New Restaurants and Additions

The lineup is part of the South Beach Wine & Food Festival, which has raised over $37 million for the Chaplin School of Hospitality & Tourism Management at FIU.

Drew Limsky

Drew Limsky

Editor-in-Chief

BIOGRAPHY

Drew Limsky joined Lifestyle Media Group in August 2020 as Editor-in-Chief of South Florida Business & Wealth. His first issue of SFBW, October 2020, heralded a reimagined structure, with new content categories and a slew of fresh visual themes. “As sort of a cross between Forbes and Robb Report, with a dash of GQ and Vogue,” Limsky says, “SFBW reflects South Florida’s increasingly sophisticated and dynamic business and cultural landscape.”

Limsky, an avid traveler, swimmer and film buff who holds a law degree and Ph.D. from New York University, likes to say, “I’m a doctor, but I can’t operate—except on your brand.” He wrote his dissertation on the nonfiction work of Joan Didion. Prior to that, Limsky received his B.A. in English, summa cum laude, from Emory University and earned his M.A. in literature at American University in connection with a Masters Scholar Award fellowship.

Limsky came to SFBW at the apex of a storied career in journalism and publishing that includes six previous lead editorial roles, including for some of the world’s best-known brands. He served as global editor-in-chief of Lexus magazine, founding editor-in-chief of custom lifestyle magazines for Cadillac and Holland America Line, and was the founding editor-in-chief of Modern Luxury Interiors South Florida. He also was the executive editor for B2B magazines for Acura and Honda Financial Services, and he served as travel editor for Conde Nast. Magazines under Limsky’s editorship have garnered more than 75 industry awards.

He has also written for many of the country’s top newspapers and magazines, including The New York Times, Washington Post, Los Angeles Times, Miami Herald, Boston Globe, USA Today, Worth, Robb Report, Afar, Time Out New York, National Geographic Traveler, Men’s Journal, Ritz-Carlton, Elite Traveler, Florida Design, Metropolis and Architectural Digest Mexico. His other clients have included Four Seasons, Acqualina Resort & Residences, Yahoo!, American Airlines, Wynn, Douglas Elliman and Corcoran. As an adjunct assistant professor, Limsky has taught journalism, film and creative writing at the City University of New York, Pace University, American University and other colleges.