RIVIERA BEACH, FL | October 13, 2022 – Colliers is pleased to announce the sale of Singer Island Corporate Center. The impeccably maintained five-story office building is located at 2655 N Ocean Drive on Singer Island. Director Bastian Laggerbauer and Executive Managing Director Mark M. Rubin represented the seller, R.J. Finlay & Co., in the transaction, which closed on October 13, 2022. Tony Hollis from the Hollis Realty Group represented the buyer, Babak Ebrahimzadeh, in acquiring the multi-tenant office tower.

“With tremendous ocean and Intracoastal views, this sale marks a rare opportunity for an investor to acquire a meticulously maintained office asset on one of South Florida’s coveted barrier islands. We enjoyed working with R.J. Finlay & Co. on the leasing and management of Singer Island Corporate Center for over 7 years with a subsequent successful sale,” said Laggerbauer.

Singer Island Corporate Center is the only competitive office building of quality and scale on the barrier island. The property is situated on a highly visible corner parcel on North Ocean Drive, surrounded by an abundance of luxury condominiums, single-family residences, parks, and the pristine private and public beaches of Singer Island. The 45,198 square-foot office building with dedicated multi-story parking garage sits on 1.7 acres of land while providing strategic positioning and convenience to neighboring counties and flourishing South Florida markets. The property has undergone significant renovations in the last five years, including common area and garage upgrades. 

“Out-of-market investors remain bullish in the South Florida office market,” said Rubin. “This sale reflects their steady pursuit of assets with rent growth potential in the flourishing greater West Palm Beach Submarket.”

The buyer, Babak Ebrahimzadeh, is a private investor and owner of commercial properties in South Florida and New York. In the last three years, Babak Ebrahimzadeh has been involved in acquiring; Delray Retail Plaza, a mixed-use plaza for $30 million, DiVosta Towers, two Class A office towers for $80 million, 800 Brickell, a Class A office tower for $126 million, and a 1.2-acre site for $5.5 million for the development of a 12-story office building in Commerce Pointe Corporate Center. After the acquisition of Singer Island Corporate Center, it is likely Babak will soon further renovate the property to achieve higher occupancy and rents.

The seller, R.J. Finlay & Co., is a full-service real estate and building materials firm whose diverse portfolio spans numerous companies and properties throughout the United States. The firm's mission is to facilitate real estate development, construction, and management by offering a single, unparalleled source for services and materials. Their company portfolio is comprised of industry leaders working seamlessly to deliver excellence by promoting quality, reputation, and craftsmanship.

The City of Riviera Beach is in the Northern Palm Beach County office submarket, it has one of the fastest growing economies in Florida and is known as Florida’s “Prosperity Coast”, where businesses enjoy a high quality of life and a growing economy. Riviera Beach has nearly 450,000 square feet of office product with a vacancy rate of 10%, a 70-basis point decrease year-over-year. The Northern Palm Beach County office submarket is the area’s most prominent office submarket, comprised of 8.1 million square feet of office space across more than 200 buildings. The influx of companies and individuals to the region has pushed rent growth by 29.3% over the last five years; however, it remains an affordable and appealing market for relocation and investment compared to the rest of the county.