PALM BEACH, FL—It's the largest office building sale in Palm Beach County so far this year. Beacon Square has traded hands. Avison would not disclose the sale price, and it is not yet listed in the public record.

For context, six investment sale transactions closed through the first three quarters of the year, accounting for a total of 456,959 square feet with a dollar volume of $42.7 million, according to CBRE. The average price per square foot came in at $93.55.

Three properties closed during the third quarter. CDS International Realty LLC acquired 100 Linton Towers in Delray Beach from Linton Towers LLC for $6.8 million, or $141 per square foot. Admiralty Acquisition Co LLC acquired 4400 PGA Boulevard, Palm Beach Gardens in an REO sale for $5.95 million, or $74 per square foot. Pavillion Law Center, LLC acquired Pavillion Office Center in North Palm Beach from Pavillion Office Center Ltd. for $3 million, or $62 per square foot.

Located at 8051 Congress Avenue in Boca Raton, FL, the office transaction also marks the second large user deal Avison Young's South Florida team has inked in the past 30 days. The other was a 40,316-square-foot class A office building located at the Research Park at Florida Atlantic University in Deerfield Beach, FL.

Avison principals Keith O'Donnell and Greg Martin, along with associate Jonathan Senn, represented the seller during the transaction. Gregory Katz, executive vice president with Studley, represented the buyer, SBA Communications Corporation.

“The Beacon Square building was originally designed for IBM's exclusive use, however, we carefully planned the building to be flexible and accommodate other users down the road,” says O'Donnell. “The movement we are seeing from both large and small businesses transitioning from leasing to owning their space is a trend we expect to continue as tax laws change, enhancing the benefits of ownership, and the supply of new space remains limited.”

According to recent market trend reports, office properties in Palm Beach County witnessed a decrease in total vacancy as a result of growth in housing, employment and the economy in 2013. Along with the West Palm Beach submarket, Boca Raton was a contributing factor to the majority of the positive activity in the market this year.

Beacon Square is a four-story, class A office building which features an open layout, upgraded finishes, hurricane-resistant windows and a dining facility. SBA is an independent owner and operator of wireless communications infrastructure across North, Central and South America. The company plans to use the building as its corporate headquarters. Following the sale, SBA will temporarily remain in its current building, as renovation will occur to repurpose the property for its use and future expansion.