MIAMI—Wells Fargo Plaza, a 102,309-square-foot, two-building office complex in Boca Raton, FL, sold for $23 million in August. IP Capital Partners, which acquired the asset from New York-based Real Estate Capital Partners, picked Cushman & Wakefield to handle the leasing. CushWake director John K. Criddle will lead the charge.

Wells Fargo Plaza was built in two phases in 1990 and 2000 on a 4.2-acre parcel at 925 and 975 South Federal Highway in Boca Raton. The complex includes a seven-story, 88,509-square-foot office building, a neighboring two-story,13,800-square-foot office/retail bank building, and a six-level parking garage housing 598 spaces.

"Our strategy is simple,“ Criddle tells GlobeSt.com. ”Within four months, the new ownership IP Capital Partners plans to deliver high-end spec suites that meet the market demand."

Internationally renowned architect Phillip Johnson designed Wells Fargo Plaza. The office building is located downtown, just south of Royal Palm Place and Mizner Park and within walking distance to retail amenities such as Publix and Trader Joe's.

“Given the strong market conditions in the East Boca Raton submarket, it is the ideal time to reposition Wells Fargo Plaza into a premiere cass A suburban office building,” says Criddle. “I am confident that the new ownership's significant capital investment and our hands-on, results-oriented leasing approach will pave the way to success.”

Cushman & Wakefield's 2Q 2015 Palm Beach County Office Marketbeat report, produced by Florida research manager Chris Owen, indicates that the local office market is thriving. “The positive fundamentals for the Palm Beach office market are growing each quarter,” says Owen. "Rents continue to trend higher due to strong tenant demand on a dwindling supply of quality office space throughout Boca Raton. Cushman & Wakefield projects that by year-end, continued leasing activity will lead to further significant rent growth and declining vacancies in most submarkets in the county."