Globest.com EXCLUSIVE: 247,000-SF Esperante Office Building on the Market

MIAMI-Trizec Properties Inc., a publicly traded office REIT based in Chicago, is putting the Esperante Office Building in West Palm Beach, FL on the market. The 21-story, 247,000-sf building was built in 1989. It is 95% occupied. The asking price was undisclosed.

Trizec bought the building, located at 222 Lakeview Ave., in February 1998 for $39.5 million and has plugged an additional $3 million into it since that time. The average asking rent for available space in the building ranges from $21.50 per sf to $28 per sf. Floor sizes range from 10,000 sf to 24,000 sf.

“There is going to be some significant bidding,” Rick Matthews, senior VP of public relations for Trizec Properties, tells GlobeSt.com. “It’s a class A, trophy-quality building.”