Morning Calm Sells Mixed-Use Asset for $46M

Morning Calm Management has sold echo, a mixed-use property in West Palm Beach, Fla., to an undisclosed buyer for $45.7 million. JLL Capital Markets arranged the transaction.

The property is situated at 205 Datura St. in downtown West Palm Beach and includes 71,694 square feet. On the ground floor, echo features 10,000 square feet of retail space. Stone Point Capital, AltaRock Partners and Sound Point Capital are among the property’s tenants.   

Developed in 1925, the building was 80 percent leased at the time of sale. Morning Calm purchased the asset in 2019 from PNC bank for $14.2 million, CommercialEdge data shows. Following a cosmetic renovation in 2015, the property was repositioned in 2021. The revamp included a new lobby, a conference center and lounge, as well as a new private courtyard and EV charging stations on site.

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There are multiple retail and dining options within walking distance of echo. Specifically, CityPlace is nearby and the Tanger Outlets are within some 3 miles of the property. The West Palm Beach International Airport is within 5 miles and there is also a Brightline station half a mile away.

JLL’s Managing Director Ike Ojala, Senior Managing Director Hermen Rodgriguez, Senior Director Matt McCormack, Associate Blake Koletic and Analyst Hunter Smith represented the seller in the deal.

Florida’s office deals momentum

A few streets over from 205 Datura in West Palm Beach, at 1100 Banyan Blvd., JLL facilitated another recent office acquisition. The E.W. Scripps Co. has sold its TV studio and office space in a $40 million deal. Scripps’ WPTV station originally purchased the asset in 2001 for $16.9 million. The company will lease-back the building for two and a half years.

Last fall, Morning Calm Management made strides in another Florida office market, when Nuveen Real Estate sold 701 Brickell, a Class AA trophy office tower in Miami. Morning Calm Management purchased the 685,279-square-foot tower in an all-cash deal totaling $443 million. This was Florida’s second-largest office transaction in history.