Related Companies Acquires Office Property In West Palm Beach For $175M
SOLD
$175,000,000
Florida
See Similar DealsOffice306,480 SF
Sold 05/24/2020
SOLD
Related Companies Acquires Office Property In West Palm Beach For $175M
525 Okeechobee Boulevard, West Palm Beach, FL, USA
See Similar DealsOffice306,480 SF
Sold 05/24/2020
Summary
FLORIDA
Asset Type:Office
Price Per Square Foot:$571
Total Square Footage:306,480 SF
Transaction Type:Sale
The office building located at 525 Okeechobee Boulevard in West Palm Beach has been sold. The property, spanning a total of 306,480 square feet, was sold for a total of $175,000,000. This amounts to a price per square foot of $571. The sale took place on May 24, 2021.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $175,000,000
- Address: 525 Okeechobee Boulevard, West Palm Beach
- Market: West Palm Beach
The buyer in this transaction was Related Companies, represented by Stephen Ross and Jeff Blau. The seller was W. R. Berkley Corporation, represented by William Berkely.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$9,333,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$621,738.05
Cash-on-Cash Return-1.27%
Monthly Debt Service$829,589.28
Annual Debt Service$9,955,071.37
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