PALM BEACH, FL—1700 Palm Beach Lakes just traded for $18.4 million. DRA Advisors sold the 113,953-square-foot office building to Breaker’s Capital Partners.

CBRE’s Christian Lee, Charles Foschini, Scott O’Donnell, Dominic Montazemi and Anthony Librizzi marketed the asset for sale on behalf of DRA Advisors. DRA Advisors also secured $13.7 million in acquisition financing for Breaker’s. CBRE will serve as the exclusive leasing agent for 1700 Palm Beach Lakes.

“Earlier this year the property across the street, the Mellon Building, sold for $80 a foot in an auction by Auction.com,” Lee tells GlobeSt.com. “So this property represents about twice the price per square foot for the most direct competitor.”

Built in 1988, 1700 Palm Beach Lakes is an 11-story office building built in 1988. The asset is 87% occupied. Major tenants include the Internal Revenue Service, 1st United Bank, Uniters North America, and Walton Lantaff.

At $160 a foot, Lee says the price for 1700 Palm Beach Lakes was comparable to sales in the greater South Florida market. Investors are still feeling good about the region and stable suburban office buildings are seeing traction.

"The price on the Mellon Building didn’t make it easy to get $160 a foot for this building,” Lee says. “Still, we had good investor interest on. It’s a high quality building in a great location with a strong ownership group.”