400 North Congress
Location
West Palm Beach, FL
Type and Size
Property Summary
400 North Congress Ave. is a 70,000 sf Class B office building in West Palm Beach, FL. Calidus owned and managed this building from 2018 to 2020. In 2018, the building was 75% occupied primarily to The State of Florida with 4.8 years of average lease term remaining. Historically, the building was 90% occupied. Originally leased to FPL as a single tenant user, the building converted to multi tenant use in 1995 and remains an attractive location for State of Florida and commercial tenants.
Office
70,000 sf
Investment Narrative
Calidus acquired this opportunity via an off-market transaction, from a group that owned this asset since 1979. The asset was stabilized with long term leases with the potential to increase occupancy. Approximately half-a-million dollars was invested in capital improvements such as elevator renovations and roof replacement. The property was sold in 2020 upon stabilization.