CB Richard Ellis senior vice president Scott O'Donnell andsenior associate Dominic Montazemi were the sole brokers andrepresented the seller in the deal. O'Donnell and Montazemi arepart of the company's Private Client Group of Investment PropertiesGroup and are based in Boca Raton.

|

The property was 60% occupied at the time of the sale with 12tenants. According to a CB Richard Ellis Q4 Palm Beach Countyoffice market report, Delray Beach was experiencing a 19.6% vacancyrate at the end of the year with 47,648 sf of negative absorptionduring the year and average asking rental rates of $14.43 per sf.Overall, the office market is experiencing some softness due to thefallout of the residential market, according to the report.

|

"In Palm Beach County, the end of 2007 appeared to be anevaluation period for many companies. There was a definite 'waitand see' attitude in all sectors of the market," says CBRE managingdirector Rick Miller, in the report. "I foresee 2008 as business asusual for corporate America with larger institutional companiestaking full advantage of the real estate opportunities created by acorrecting market."

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.