A pension fund advised by LPC Realty Advisors I, LP, an affiliate of Lincoln Property Company, has purchased the iconic suburban office complex known as Royal Palm. The Class A property, located in Plantation, features two buildings totaling 465,592 square feet. Lincoln Property Company will manage the buildings.
Royal Palm features a top-notch roster of international, Fortune 500, governmental and medical tenants. Royal Palm offers excellent tenant amenities, including an on-site café, conference training center and a gym with locker room facilities. The property also contains two, four-level structured parking garages that have over 1,500 spaces between them. Additionally, the site has more than 400 surface parking spaces.
Located in the center of Broward County, Royal Palm provides convenient access to a range of nearby shops, restaurants, hotels, recreational facilities, medical providers and residential areas. The property also is close to the Sawgrass Expressway, I-75, Florida’s Turnpike, 1-595, I-95 and the Ft. Lauderdale International Airport.
Royal Palm I is a nine-story, 240,308-square-foot building, and Royal Palm II features eight stories and totals 225,284 square feet. Each building has a two-story atrium entrance with marble and granite finishes, and the 25-acre property features beautifully landscaped grounds with a tranquil lake and an abundance of palm trees.
“We are absolutely thrilled to be managing what we believe is the nicest suburban office property in the entire South Florida tri-county market,” said Roy Paskow, senior vice president of Lincoln who oversees the South Florida office. “The property is already a vibrant and thriving asset, and we look forward to improving upon its rich history of success.”
Lincoln has chosen Blanca Commercial Real Estate to lease the property.