Trump Plaza in West Palm Beach, FL
MIAMI—An office condo at Trump Plaza in West Palm Beach, FL, had traded hands. The sale price of $1.2 million may not qualify as a mega deal in the market but it's telling on the office condo scene and the Palm Beach County office market at large.
Crossman & Company negotiated the sale of the office condo. Crossman & Company senior associates Kim and John Fitzgerald represented the seller. Judge Moss with Sotheby's International Realty represented the undisclosed buyer.
“West Palm Beach is changing,” Crossman & Company senior associate Kim Fitzgerald tells GlobeSt.com. “People are not only just vacationing or retiring here anymore. Palm Beach County is on the list of desired centers around the world to do business. The Trump Plaza office condo feeds a need for office space. Traffic and density are already proving that.”
Built in 1985, the office condo in Trump Plaza is located at 525 South Flagler Drive with views overlooking the Intracoastal and Palm Beach Island. The fifth-floor office condo consists of 3,998 square feet plus 1,010 square feet of covered balcony and 882 square feet of open balcony.
We haven't seen much traction in the office condo market in recent years, but this deal is noteworthy. The last big news I reported on in the office condo scene was in Doral in 2016, where Riviera Point Business Center Doral in Doral, FL opened its doors with a near-sell out.
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