The project, built in 2000, consists of two buildings--a smaller building and a larger building attached by an open breezeway. The buildings are approximately 96% occupied.
The per-sf price is a South Florida record for multi-tenant buildings with more than 100,000 sf, said senior director Jay. M. Caplin in Cushman & Wakefield's Financial Services Group in Miami, one of the brokers involved in the transaction.
The class A property is anchored by Wachovia Bank and includes a five-story parking garage. The building is marked with architectural design by renowned architect Phillip Johnson. Unique architectural features include a corner recessed area, characteristic of a nautilus shell, which allows for dramatic views of the area.
Boca Raton is a "highly sought-after market for investors," John F. Bell, another broker involved in the transaction and also a senior director in C & W's Financial Services Group in Miami, tells GlobeSt.com. "This definitely fits the bill as class A, quality buildings. It's considered a landmark building for Boca Raton and South Florida," Bell says.
"Boca Raton has strong investor appeal due to its demographics, central location within South Florida, and its consistency of quality among both residential and commercial uses," he adds.
Caplin and Bell, leaders in the disposition of institutional grade office buildings in South Florida, represented Boca II Associates Ltd. as the only brokers involved in the sale.
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