FoxRock Properties Acquires Office From IP Capital Partners In West Palm Beach

The Class A office building at 444 West Railroad Avenue in West Palm Beach was sold for $22.75 million, at a rate of $265 per square foot. FoxRock Properties, based in Quincy, Massachusetts, acquired the property from IP Capital Partners, with a previous purchase price of $18 million in 2015. The 85,668-square-foot building is home to tenants such as the General Services Administration (GSA), Burlington and Rockenbach law firm, and US Legal Support. Additionally, Granite Telecommunications is set to lease 20,841 square feet on the second floor.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $22,750,000.00
• Buyer: FoxRock Properties
• Seller: IP Capital Partners
• Square Footage: 85,668
• Buyer's Representatives: Kevin McCarthy(CBRE), Kevin Probel(CBRE)

CBRE's Kevin McCarthy and Kevin Probel represented FoxRock Properties in the acquisition of Courthouse Commons. The building offers amenities like a lobby with granite and marble finishes, an on-site cafe, and a 5-story parking garage with a covered pedestrian skywalk. FoxRock Properties plans to add a 6,000-square-foot gym to the vacant first floor and introduce a restaurant to an empty space on the ground floor. West Palm Beach's efforts to attract financial services firms have been hindered by the limited availability of Class A office spaces, with the CityPlace Office Tower being the most recent development in the area in 2008.