GTCR Expands At Related Companies' One Flagler In West Palm Beach
154 Lakeview Avenue West Palm Beach, Florida 33401, USA
Building Size
26,000 SF
Asset Type
Office
Closing
Aug 14, 2023
About this deal
AI
The West Palm Beach office market is seeing significant activity, with Stephen Ross' Related Companies securing 20 leases for a total of 200,000 square feet of office space. One notable lease is a 26,000 square foot expansion by GTCR at One Flagler located at 154 Lakeview Avenue. The 25-story building, set to be completed next year, is already 75% preleased, highlighting the strong demand for office space in the area.
Summary of transaction details
- Property Type: Office
- Transaction Amount: Not specified
- Size: 26,000 square feet
- Address: 154 Lakeview Avenue
- Market: West Palm Beach
Stephen Ross' Related Companies, the landlord, successfully secured a lease expansion with GTCR, one of the tenants at One Flagler. This lease contributes to the overall success of the building's leasing efforts, ensuring a strong occupancy rate upon completion. The high level of preleasing activity in the office market indicates a positive trend for the West Palm Beach market.
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West Palm Beach Office Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93