Competitive Pricing and Ocean Views Draw A-List Businesses, Professionals to the BankUnited Building in Palm Beach

PALM BEACH, Fla. – For Brett D. Forman, chief executive officer and principal of the firm that owns the BankUnited building at 2875 South Ocean Blvd. in Palm Beach, less is more. Forman, who acquired and redeveloped the abandoned office building for some $5.5 million in 2004, applied the same entrepreneurial approach to pricing he uses at Forman Capital, LLC a specialized commercial real estate lender with an anticipated loan volume in excess of $60 million this year. So far, he’s been successful in spite of the real estate crisis. In addition to BankUnited, and Forman Capital, the building tenants include a not-for-profit Bethesda Health doctor’s office, a pharmacy, physical therapist, salon/spa and venture capital firm. “As a direct lender we use an entrepreneurial platform that combines real estate underwriting with analysis of traditional credit metrics and creativity, Forman explained. Most Class A office buildings in Palm Beach charge upwards of $50 per square foot and are much older buildings with vacancy rates in the area averaging about 20 percent. Forman said rents in the $20-30 per square foot range are much more sustainable. “We try to look at our tenants as business partners,” Forman said. “We succeed if they succeed and if one of us fails, it affects the whole community.” The building boasts the Palm Beach Executive Center, a full service 9,000 square foot executive suite for startup and entrepreneurial business models and Forman said only 20 percent of the space remains available for lease in the building. “As a direct lender to commercial real estate ventures, I try to know the market pretty well,” Forman said. “By taking a sustainable approach to our property we hope to encourage economic growth and prosperity all around. We all benefit from that.”