GlobeSt.com EXCLUSIVE: Germans Buy Trophy Boca Office Asset for Record $380 per SF

MIAMI-In what is believed to be one of the highest per-sf-prices paid for a class A office building in Florida, Turbo Investments International Inc. of Germany has acquired the month-old, five-story, 42,000-sf One Wachovia Center in Downtown Boca Raton for $16 million or $380 per sf. Boca Raton is 70 miles north of Downtown Miami.

“This sets a record for one of the highest prices ever paid on a square-foot basis for the sale of an office building in the state of Florida,” Ted Gibbons, president, Investment Realty Advisors Inc. of Boca and Bellevue, WA tells GlobeSt.com. Gibbons introduced the parties in the transaction.

The building at One North Federal Highway is 100%-leased to Wachovia Bank. Gibbons was under a confidentiality clause that barred disclosure of lease details.