Pair Of Palm Beach County Office Towers Sell For 23M

Dated: 01/09/2018

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The two Forum office towers in West Palm Beach have sold for $22.5 million.

CP Forum, an affiliate of Miami-based Crimson Peak led by Mark A. Paresky, sold the pair of 10-story buildings at 1655 Palm Beach Lakes Blvd. to Forum Capital, an affiliate of Aventura-based Triarch Capital Group led by Daniel Halberstein. Miami Lakes-based BankUnited (NYSE: BKU) provided a $14.95 million loan to the buyer.

Each building has about 92,500 square feet of leasable space. Built in 1973, they are near the Palm Beach Outlets mall.

The Forum previously had three office towers. Crimson Peak acquired them for $20.5 million in early 2016, then sold the westernmost office tower in early 2017 for $6.5 million to a company led by Houston Astros owner Jim Crane. That tower is being converted by Crane’s company into a 191-room hotel.

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