SBA Communications has acquired the Beacon Square office building for $22.65 million.
The company, an owner and operator of wireless communications infrastructure, intends to use the 160,000-square-foot building at 8051 Congress Avenue as its corporate headquarters. SBA plans to extensively renovate the four-story, Class A facility before moving in.
Beacon Square was developed in 2001, according to Palm Beach County records. The building was originally designed for IBM. The seller is a company managed by Coral Gables-based Flagler.
Avison Young principals Greg Martin and Keith O’Donnell, and associate Jonathan Senn, represented the Flagler company in the sale, according to a written statement from a firm spokeswoman. Studley’s Gregory Katz represented SBA.
The Beacon Square sale is the largest involving a Palm Beach County office building in 2013, according to Avison.
“The movement we are seeing from both large and small businesses transitioning from leasing to owning their space is a trend we expect to continue as tax laws change enhancing the benefits of ownership, and the supply of new space remains limited,” O’Donnell said in the company’s statement. – Eric Kalis