Washington Prime Group says it expects to use loan proceeds to reduce outstanding balances on its credit facility and for its ongoing redevelopment efforts.

Esperanté Corporate Center is one of only three Class AA office towers in West Palm Beach and is the market's newest office building following a renovation that was completed in the first quarter of 2018.

Third quarter leasing activity was 25.4% above Manhattan's five-year historical average and a sizable 48.5% above its 10-year average, according to a report released by commercial brokerage firm Colliers International.

Saban Capital Group is the buyer of the 372,552-square foot building.