BOCA RATON, FL-1200 Corporate Place, a 137,021-square-foot, four-story office building, has traded for $15.25 million. Keystone Property Group acquired the asset from Equity Office.

Christian Lee, vice chairman of CB Richard Ellis’s Capital Markets Group in Miami, arranged the sale with assistance from colleagues Charles Foschini, Christopher Apone, Scott O’Donnell, Jeffrey Kelly, and Dominic Montazemi. The building is about a 30-minute drive from both Palm Beach International Airport and Fort Lauderdale International Airport.

“This acquisition will enable Keystone to continue its strategy of acquiring undercapitalized assets in a prime location like Boca Raton, and repositioning them to meet market demand,” Bill Glazer, president of Keystone Property Group, tells GlobeSt.com. Earlier this year, Keystone acquired 15 Kings Grant Drive, a 53,920-square-foot office building in Bala Cynwyd, Pa., which the company plans to improve, rebrand, and aggressively market.

Built in 1984, 1200 Corporate Place features a reflective glass exterior, four-story atrium lobby accented by marble flooring and interior fountains, in addition to amenities such as an on-site deli and banking. The building has a two-story parking structure. Currently, 60,438 square feet of space is available. Glazer says the redevelopment will include lobby upgrades, new exterior paver installations, lush landscape plantings, a repaved parking lot, and new monument signage.  
 
“Keystone will successfully compete by unlocking the true potential of 1200 Corporate Place and repositioning it as one of Boca Raton’s leading business addresses,” Glazer says. “While every real estate market has experienced a downward trend in recent years, Boca Raton remains one of South Florida’s most prestigious office markets. Its exceptional location and quality of life ensure its rapid recovery as market’s rebound.”