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Florida & Gulf Coast  + South Florida  + Office  |  August 5, 2019
David Cohen
By: David Cohen

Capstone Claims West Palm Office Tower for $19M

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.

For comments, questions or concerns, please contact David Cohen

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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