Office building on South End sells for $15 million

Darrell Hofheinz, Palm Beach Daily News
·3 min read
A 30,600-square-foot office building at 2875 S. Ocean Blvd. on the South End just sold for a $15 million, or $490 per square foot, according to the deed recorded Thursday.
A 30,600-square-foot office building at 2875 S. Ocean Blvd. on the South End just sold for a $15 million, or $490 per square foot, according to the deed recorded Thursday.

A Los Angeles-based real estate investment company has paid $15 million for a 36,000-square-foot office building on the South End. The deed was recorded Thursday.

The Mediterranean-style building stands on a 2.2-acre parcel with a large parking lot adjacent to the Lake Worth Beach Casino. The building sold for about $490 per square foot.

The buyers were two companies controlled by Randall Realty Group, which is headed by real estate investor and industrialist Jim Randall. With a home in Los Angeles, the Randall family also has an estate in Manalapan.

Randall’s son, Jordan Randall, is co-founder and managing director of Randall Real Estate Group, which plans to open an office in the building, according to a statement released on behalf of the company.

The deed was signed by seller Blake Silverman of the Silverman Group, a Basking Ridge, New Jersey-based real estate and private equity company with an office in the Palm Beach building. Silverman’s father, resident Kenneth Silverman, also has ties to the company.

A Silverman-related entity, 2875 S Ocean Blvd LLC, paid a recorded $9.5 million for the building in late 2013. Blake Silverman manages that company, 2875 S Ocean Blvd LLC, the deed shows.

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Built in 1982, the building was substantially renovated about three years before the 2013 sale, the seller in that deal, Brett D. Forman, said at the time. At the time, the building was anchored by BankUnited.

The tenant list today includes Style Bar Nail & Spa, ApexNetwork Physical Therapy, Acqua Café, Baptist Health Medical Group and Symphony Workplace, according to the building directory. The Palm Beach Citizens’ Association also has an office in the Symphony Workplace area.

Commercial agents Scott O’Donnell and Mike Ciadella of Cushman & Wakefield brokered both sides of the off-market deal. O’Donnell also was involved in the 2013 sale.

Entities associated with Jim Randall own at least two West Palm Beach houses. One of those, on the North Flagler Drive waterfront, will serve as the site of the Kips Bay Decorator Show House Palm Beach when it opens in February.

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With deep ties to California, Jim Randall previously owned Allfast Fastening Systems.

The deed lists the buyers as two limited liability companies — 15700 Don Julian Road LLC and 15650 Don Julian Road LLC. The buyers each have a 50% ownership share and share the same mailing address at Jim and Eleanor Randall’s home in the Bel Aire neighborhood of Los Angeles.

dhofheinz@pbdailynews.com 

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This is a developing story. Check back for updates.

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Darrell Hofheinz is a USA TODAY Network of Florida journalist who writes about Palm Beach real estate in his weekly “Beyond the Hedges” column. He welcomes tips about real estate news on the island. Email dhofheinz@pbdailynews.com, call (561) 820-3831 or tweet @PBDN_Hofheinz.

This article originally appeared on Palm Beach Daily News: Florida real estate: Who paid $15M for Palm Beach office building?