BankUnited Building, 2875 Ocean Boulevard, Palm Beach, FL
PALM BEACH, FL– For Brett D. Forman, chief executive
officer and principal of the firm that owns the BankUnited building at
2875 South Ocean Blvd. in Palm Beach, less is more.
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| Brett D. Forman |
Forman, who acquired
and redeveloped the abandoned office building for some $5.5 million in 2004,
applied the same entrepreneurial approach to pricing he uses at Forman Capital,
LLC a specialized commercial real estate lender with an anticipated loan volume
in excess of $60 million this year.
So far, he’s been
successful in spite of the real estate crisis. In addition to BankUnited, and
Forman Capital, the building tenants include a not-for-profit Bethesda Health
doctor’s office, a pharmacy, physical therapist, salon/spa and venture capital
firm.
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| Palm Beach, FL skyline |
“As a direct lender
we use an entrepreneurial platform that combines real estate underwriting with
analysis of traditional credit metrics and creativity, Forman explained.
Most Class A office
buildings in Palm Beach charge upwards of $50 per square foot and are much
older buildings with vacancy rates in the area averaging about 20 percent.
Forman said rents in the $20-30 per square foot range are much more
sustainable.
“We try to look at
our tenants as business partners,” Forman said. “We succeed if they succeed and
if one of us fails, it affects the whole community.”
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| Palm Beach Executive Center interior |
The building boasts
the Palm Beach Executive Center, a full service 9,000 square foot executive
suite for startup and entrepreneurial business models and Forman said only 20
percent of the space remains available for lease in the building.
“As a direct lender
to commercial real estate ventures, I try to know the market pretty well,”
Forman said. “By taking a sustainable
approach to our property we hope to encourage economic growth and prosperity
all around. We all benefit from that.”
For a complete copy of the company’s news release, please
contact:
Beth Payan or Larry
Vershel Communications, 407-644-4142 Lvershelco@aol.com
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