MIAMI—Belvedere Towers, a class A complex that spans 110,795 square feet of office space, is on the market. Avison Young is the exclusive agent for the property.

Located at 1601 Belvedere Road in West Palm Beach, FL, Belvedere Towers is just west of Interstate 95 and contiguous with the newly renovated Embassy Suites Hotel. That puts it close to Downtown West Palm Beach, City Place, the Kravis Performing Arts Center, the County Governmental Complex, City Hall, hotels, and Clematis Street.

“This asset represents an excellent value-add opportunity for an investor or owner-user to acquire a well located quality office building significantly below replacement cost,” says David Duckworth, vice president of Investment Sales at Avison Young. “The potential for return on investment far exceeds other opportunities in the marketplace.”

According to Avison's third quarter market reports for Palm Beach County, landlords and investors are optimistic as the office market continues to improve at a slow but steady pace. Continued unemployment declines have allowed vacancy to dip below 16%.

“This is a beautiful property with an amenity package that is unmatched in the market place,” says. Duckworth. “It is connected to a full-service hotel with a swimming pool, gym, and shuttle service to the airport and it offers excellent highway access along with abundant parking.”