JV Planning 940,000-SF Office Project

BOCA RATON, FL-Flagler-Codina Development and TIAA-CREF’s Global Real Estate Group are joint venturing one of the largest planned office campuses in South Florida in decades–a 940,000-sf complex within the existing Arvida Park of Commerce.

The venture, Boca 54 Land Associates LLC, owns 54 acres of unimproved land at Arvida Park. Flagler-Codina, which has acquired a 20% interest in the venture, will be the project developer and managing partner of the joint venture.

“We believe this investment represents a unique opportunity for Flagler-Codina to make a powerful entrance into the Boca Raton office market,” says Jose Hevia, COO of Flagler-Codina. “The venture signifies the strength of combining our local market knowledge and real estate capabilities into a transaction that satisfied the business objectives of both companies.”