"1501 Yamato has the highest quality finishes and designs of any suburban office building and features dramatic ceiling heights, crown molding and exceptional 'best in class' offices," says John Bell, Trammell Crow Co. executive vice president and principal who repped the seller.
Constructed in 1997, the building includes a parking garage and was 61% leased at the time of the sale. Bell says the building is a trophy office property which offers market presence in Boca Raton.
"The current space available for lease offers image conscious tenants the ability to occupy an entire wing providing identity facing Yamato Road with a separate street address," adds Trammell Crow Co. South Florida area director and principal Donald Cartwright, who handles leasing for the building.
According to a Grubb & Ellis Q3 office market report for Palm Beach County, the Boca Raton office market was experiencing a 9.7% vacancy rate at the end of the quarter with 284,758 sf of year-to-date absorption. Average asking rents for class A space was $28.98 per sf.
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