Monopoly was approached by a Palm Beach based bank to help them locate an office building in Boca Raton suitable to house their executive offices and bank processing enter. On their behalf, we approached another bank that we had previously represented to inquire about an office building in the area they owned (reo) and were un-successful in their attempt to locate a Buyer for. The building was a 66,000 square foot vacant, unfinished (shell) office building fronting I-95 at Palmetto Park Road in Boca Raton, a superior location.
In order to make a potential deal work, we needed to convince the Buyer that they could not hope to locate a more desirable location that only required interior build out to make it perfect for their use. We also needed to convince the Seller that this was the ideal Buyer who could close quickly, but they would need to spend a substantial amount of money to complete the building and facilitate the desired build out.
Results
We successfully educated the Selling bank ("Owner") to the reality that the building was not selling because it would cost to much to complete the interior shell for multiple users, therefore it was not suitable for an investor. Although the building shell cost over $6,000,000.+ to build into its present unfinished state, ultimately we were able to convince the Seller to accept a cash offer for $850,000 ($12.88 PSF) and the deal was done.
