Class A office space in Boca Raton rents for an average $27.67 psf, which would bring the value of this commitment to nearly $9.7 million. The tenant could take another 15,000 sf by the time it moves in next spring, Jeff Kelly, first vice president and managing director at the CB Richard Ellis branch in Boca Raton, tells GlobeSt.com.
NetSpeak currently occupies space in three different buildings less than a mile away at Congress Corporate Plaza and required additional footage but none was available at that location.
Kelly represented the new building's ownership, a limited partnership that includes Jeff Schmier and brothers Paul and Bob Milhous. NetSpeak's broker was the Fort Lauderdale office of Cushman & Wakefield.
Earlier, Kelly negotiated the sale of the 11.3-acres on which the two new buildings and adjacent 630-space parking area are being constructed.
The seller, a German group, received $6.50 psf, or nearly $3.2 million, for the land. Value of the new construction is estimated at $20 million for the two-building complex ($133.33 psf).
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