Altman Development plans to move from its existing, central city location at 2201 N.W. Corporate Blvd. to Boca 1515 early next year. The company signed a 10-year lease.
Boca 1515 is a 176,000-sf, four-story office building in east Boca Raton, near Mizner Park. The building's average rental rates are $15 per sf triple net. Based on this average, the Altman Development lease is worth an estimated $1.88 million triple net.
The building features free covered parking, 24-hour security and an on-site beauty salon.
Adam C. Starr, a senior associate with Trammell Crow Co., represented the property owner, Multi Employer Property Trust, in the transaction.
"We are thrilled to welcome such a fine organization as Altman Development Corp. to Boca 1515," says Starr. "We were able to provide Altman with a space that met their requirements, both in space, functionality and budget, and provided our client with a long-term creditworthy tenant."
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