Turbo Investments Pays $7M Boca Raton Building

BOCA RATON, FL-Turbo Investments International Inc., an offshore real estate investment firm, has paid more than $7.1 million, or nearly $300 a sf, for the Northern Trust Bank Building here. The per-sf price for this 24,000-sf, class A office building, located on Military and Potomac trails, was a record for a build-to-suit space in the city.

The seller was Military Trail Realty Holdings Inc., which is owned and funded by Bryason Corp., a portfolio developer of class A office space.Northern Trust Bank recently relocated to the building from its previous headquarters at 301 Yamato Road, also in the city. Northern Trust Bank signed a 15-year lease and began operating at its new location Nov. 3. Bryason Realty Corp. will still manage the property.

“Turbo Investments International saw the tremendous value in this building,” according to Charles Shane, president of the full-service, locally based commercial real estate firm Bryason Realty Corp., who represented Military Trail Realty Holdings in the transaction. “This acquisition gives them a valuable asset and a long-term and reliable tenant in Northern Trust Bank.”