MIAMI—Bank of America Tower, a boutique, class A office tower in Downtown Boca Raton, has traded hands. The 109,553-square-foot office building, which features ground floor retail and restaurant space, sold for $35.75 million.
HFF represented the seller, Clarion Partners, in the sale of the property to Dividend Capital Diversified Property Fund. The asset traded free and clear of debt.
The HFF investment sales team representing the seller included senior managing director Hermen Rodriguez, director Ike Ojala, and associate director Jorge Portela. HFF also arranged the last sale of the property in 2005 to Clarion.
"The East Boca office market has been in full recovery over the past two years," Rodriguez tells GlobeSt.com. "Investors recognize the quality amenities, vibrant workforce and affluent residents that demand high-quality legal and financial services."
The Bank of America Tower is located at 150 East Palmetto Park Road at the intersection of Palmetto Park Road and Mizner Boulevard. That's within walking distance of Mizner Park and Royal Palm Place in Downtown Boca Raton.
The Bank of America Tower is 87% leased to credit tenants including Bank of America, Zen Offices, Veretech Holdings and Charles Schwab & Company. A full-service Bank of America bank branch with a drive-through teller occupies the retail component of the space. Besito Boca will soon occupy the restaurant space.
The eight-story property sits on 1.65 acres near new apartment and condominium developments like Camden Boca Raton, Boca Lofts, the Mark at CityScape and redevelopment of Mizner on the Green. The property also features 330 parking spaces.
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