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Colliers Finalizes Sale of West Palm Beach Medical Office

Colliers South Florida recently completed the acquisition of 4601 N. Congress Avenue in West Palm Beach. The property was sold to 1460 Russell Road Associates, LP, while Colliers’ South Florida Investment Services Team of Mark M. Rubin, Executive Managing Director and Bastian Laggerbauer, Director, represented the seller, 4601 North Congress, LLC, in the transaction. 

The building at 4601 N. Congress is an on-campus, multi-tenant medical office building. Not being held to a ground lease enabled the seller to generate significant interest from a wide range of institutional and private investors across the country to produce market-leading pricing for the seller. 

“As medical care is an essential service, coupled with South Florida’s favorable demographics, medical office opportunities remain a highly coveted asset class by investors,” says Rubin. 

According to the Colliers Q2 Office Market Report for Palm Beach County, total vacancy rates decreased to 11.4% in the second quarter, the lowest vacancy rate in the market since the same quarter of 2020. At the same time, rental rates increased to $36.53 per square foot, increasing 7% year-over-year. The increase is expected to continue as more businesses migrate to Palm Beach County to seek properties with a robust tenant rate.

“Strategically located just off I-95 in the HCA owned and operated JFK Medical Center North Campus on the corner of Congress Avenue and 45th Street, the medical office building was 88 percent leased at the time of sale,” Laggerbauer says.

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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.