But for a spike in transaction volume to $302.5 million in first quarter 2011 (that included the $171 million sale of the Office Depot headquarters property in Boca Raton), office property sales have remained slow in Palm Beach County. Only six deals that meet Reis’ reporting criteria were completed during the first half of 2012 for a combined total of $51.9 million at an average selling price and mean cap rate of $105 psf and 9.4%. The total for the second quarter alone for four sales was $33.2 million averaging $114 psf. The 12-month rolling cap rate per quarter-end was 8.5%, up from 7.1% four quarters prior. In the quarter’s largest sale, second-largest in a year, Breakers Capital Partners LLC paid DRA Advisors $18.5 million ($162 psf) for the 113,868-square-foot multi-tenant office building at 1700 Palm Beach Lakes Boulevard, West Palm Beach. The deal closed in May at a 7.0% cap rate. The Class B/C property, built in 1988, was 13.0% vacant at date of sale.