Virtual office company pays $16M for West Palm buildings

2400 Metrocentre Boulevard and 2410 Metrocentre Boulevard East

A Denver-based virtual office firm just paid $15.75 million for a chunk of an office complex in West Palm Beach, property records show.

Intelligent Office bought the two buildings at 2400 Metrocentre Boulevard and 2410 Metrocentre Boulevard East, which housed the offices of Lincoln Educational Services, a publicly traded network of for-profit technical college campuses. The buildings, which total nearly 93,000 square feet sold for about $170 per square foot.

Records show Lincoln Educational Services bought the properties in 1995 for nearly $4 million, paying $1.7 million for the Lincoln College of Technology campus, which spans 26,959 square feet, and $2 million for the Florida Culinary Institute building, which spans 65,770 square feet.

West Palm Beach commissioners offered up to $800,000 in city, county and state incentives for companies to move to the office park. Belcan, one of the largest engineering companies in U.S., was rumored to have moved there in July, according to the Palm Beach Post.

Office space in Palm Beach County continues to attract interest in developers, as sales activity increases and vacancy rates fall. Palm Beach’s overall vacancy rate averaged 12 percent during the second quarter, down from 15.1 percent at the start of 2015, according to a second quarter Colliers International Report.

The buyer, Intelligent Office, has more than 50 offices in the U.S. and Canada, according to its website. It offers “virtual” office space to mobile workers and small businesses, including shared office space. The co-working space scene in South Florida includes companies like WeWork, Pipeline Workspaces and Büro.

Harunobu Coryne contributed reporting. 

from The Real Deal Miami https://therealdeal.com/miami/2017/08/16/virtual-office-company-pays-16m-for-west-palm-buildings/
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