1700 Palm Beach Lakes is an 11-story office building that includes three levels of parking and seven levels of office space. It was constructed in 1988 and it is currently 89.4% occupied. The Property’s occupancy will decrease to 61.1% when the largest tenant vacates in March 2020.
The building is currently leased to nine tenants across a variety of different industries & service sectors. The four largest current tenants are: The Internal Revenue Service (vacating), Valley National Bank, Uniters North America, and Comcast.
The business plan includes ~$1.5 million in capital expenditure upgrades to the building including: renovations to the front entrance & lobby, new outdoor seating, redesigned and re-programmed common area spaces, the installation of energy efficient HVAC & lighting systems and the repair of the chillers.
Capstone has also budgeted ~$2.4 million for tenant improvements and leasing commissions over the hold period. A majority of these funds will be dedicated towards the re-leasing of the IRS space.