CB Richard Ellis senior vice president Scott O'Donnell and senior associate Dominic Montazemi were the sole brokers and represented the seller in the deal. O'Donnell and Montazemi are part of the company's Private Client Group of Investment Properties Group and are based in Boca Raton.

The property was 60% occupied at the time of the sale with 12 tenants. According to a CB Richard Ellis Q4 Palm Beach County office market report, Delray Beach was experiencing a 19.6% vacancy rate at the end of the year with 47,648 sf of negative absorption during the year and average asking rental rates of $14.43 per sf. Overall, the office market is experiencing some softness due to the fallout of the residential market, according to the report.

"In Palm Beach County, the end of 2007 appeared to be an evaluation period for many companies. There was a definite 'wait and see' attitude in all sectors of the market," says CBRE managing director Rick Miller, in the report. "I foresee 2008 as business as usual for corporate America with larger institutional companies taking full advantage of the real estate opportunities created by a correcting market."