The Plaza in Boca Extends $2.56M in Leases

MIAMI-The Plaza in Boca Raton, FL, will be keeping two of its tenants for several more years.

Both Law Management II Inc., a law office, and Vanguard Corp. of America, a medical billing office, have extended the terms of their leases in the building. The combined value of the two leases is estimated at $2.56 million.

Law Management II signed an additional seven-year lease with property owner 485 Properties LLC for 9,557 sf of office space. The exact value of the lease was not disclosed, but brokers familiar with the area estimate space in the building is renting for about $30 per sf. At that rate, the lease is worth just over $2 million.