220 Congress Park Drive
A Cushman & Wakefield team negotiated the sale of the renovated Congress Office Park in Delray Beach three times in the past six years, with rising prices each time.
The property traded for $4.3 million ($79 per square foot) in 2012 at 50% occupancy after being foreclosed upon by Wells Fargo Bank. In 2014, ICM Realty Group acquired the asset for $8.0 million ($148 per square foot) at 83% occupancy.
“Throughout our extensive experience at 220 Congress, we've witnessed more than 60% rent growth and increasing confidence in the capital markets for suburban office assets given the lack of new supply,” said Scott O'Donnell.
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David Wilkening
David Wilkening began his long journalism career as a police reporter for Chicago-area newspapers. He became a writer-editor for major newspapers in Chicago, Washington, Detroit and Florida. He has been a business editor, political editor and travel editor for newspapers and magazines. He tried for a while to be a political operative but did better as an adjunct college professor teaching English and journalism. He is the author of several books, both ghost-written and under his own name. He is also a widely published freelance writer who currently lives in Orlando.
