FT. LAUDERDALE, FL-The Boca Raton office of CB Richard Ellis has been engaged to do management and leasing at TIAA-CREF’s two-building portfolio known as the “North 40.” The 350,000 square foot complex on Yamato Road in Boca Raton, was originally built for IBM in the early 1980s.
The occupancy rate in the two buildings is 97%, says Michael Erickson, senior vice president at CBRE in Boca Raton, and the asking rents are $15 per square foot triple net. The floor plates in the two-story, Class B buildings have 21,000 to 27,000 square feet.
At the North 40, while the buildings are almost 100% leased today, as much as 40,000 to 60,000 square feet will become available within a year, says Erickson. Leases at the building range from five to 10 years and he is working on new leases for these spaces now, he says.
Major tenants at the complex include AT&T, AmTrust Bank, CSL Plasma, and Infinity Sales. The former IBM complex has over 1300 parking spaces, a man-made lake with a fountain and lush landscaping. It is close to I-95.
“The Boca Raton market is a challenging one,” says Erickson. “It has an occupancy rate of about 70%,” he says. One particularly hard-hit area in the city is Federal Highway, which is near the ocean and two to three miles east of the North 40 buildings, where a lot of financial services firms were located at the start of the recession. Along this street, many office buildings are 50% vacant.
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