Once-Abandoned Office Building 80% Full

Jun 13, 2013 No Comments by

Most class A office buildings in Palm Beach charge upwards of $50 per square foot and are much older buildings with vacancy rates in the area averaging about 20%.

Brett Forman, CEO and principal of Forum Capital, the firm that owns the BankUnited building at 2875 South Ocean Boulevard, says rents in the $20 to $30 per square foot range are much more sustainable.

“We try to look at our tenants as business partners,” says Forman. “We succeed if they succeed and if one of us fails, it affects the whole community.”

Forman made a big bet when he acquired and spent $5.5 million for the abandoned office building in 2004. So far, he’s been successful in spite of the real estate crisis. In addition to BankUnited, and Forman Capital, the building tenants include a not-for-profit Bethesda Health doctor’s office, a pharmacy, physical therapist, salon/spa, and venture capital firm. The building is 80% occupied.

“As a direct lender to commercial real estate ventures, I try to know the market pretty well,” says Forman. “By taking a sustainable approach to our property we hope to encourage economic growth and prosperity all around. We all benefit from that.”

 

Source:  GlobeSt.

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Industry News, NA, Office, Palm Beach County Office
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