West Palm Beach’s Darth Vader Building Sells

The Northbridge Centre — the black glass tower better known as the Darth Vader building — just traded hands for $68.24 million, or $232 a foot.
Longtime owner Gaedeke Group sold the property to Greenfield Partners of Westport, Conn., according to property records.
The new landlord, 515 N. Flagler Drive Owner LLC, took a $56.75 million mortgage.
Located at 515 N. Flagler Drive in West Palm Beach, Northbridge Centre includes a 21-story tower and pavilion. It was built in 1987 and has been owned since 1993 by Gaedeke Group, which paid $24 million for the property.
Sources say the 293,000-square-foot building is about 85 percent leased. Lease rates range from $17 to $22 per square foot, not including taxes, insurance and maintenance.
The building is a few blocks from the Palm Beach County Courthouse, and Northbridge Centre’s tenant list is dominated by law firms, including Ciklin, Lubitz and Lytal, Reiter.
 
Source:  Palm Beach Post
 

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