Former Bank-Owned Office Building Hits 100% Occupancy

Avison Young sold Gallery Center to current ownership in 2013 when it was a 50% leased bank-owned property.

MIAMI—Gallery Center, a 64,565-square-foot office complex in Boca Raton, FL, is on a leasing roll. The owners, Boca Gallery Properties, just inked three lease transactions totaling 33,918 square feet. David Duckworth , principal with Avison Young , completed the deals within a two-week span.  The Palm Beach County office building , located at 604-622 Banyan Trail, is now 100% occupied. “Job and population growth in Boca Raton, coupled with no new construction in Palm Beach County, continues to fuel demand for office space in the market,” Duckworth tells GlobeSt.com. “Through our marketing of Gallery Center’s positive attributes and premier location, we were able to funnel this market momentum to quickly backfill the vacancies within the building with quality tenants.” Millennial Benefit Management, which builds networks of subscription-based healthcare providers, signed a long-term lease for 19,662 square feet. Atlantic Pacific Property Management, which delivers a management platform to condominium associations and multifamily apartment communities, signed a 9,827-square-foot expansion-renewal. MSI Lighting, an innovative provider of commercial-grade performance LED products, signed a 4,429-square-foot expansion-renewal. “Gallery Center is attractive to tenants because of its combination of a dynamic location, corporate park setting, and approachable rental rates,” says Duckworth. “The property offers efficient floor plans, 20-foot ceilings, ample parking, and proximity to the best restaurants in the area. Furthermore, right off of Military Trail, it complements the huge lifestyle development boom and bustling business community along Boca Raton’s major thoroughfare.” Avison Young sold Gallery Center to current ownership in 2013 when it was a 50% leased bank-owned property. Duckworth’s leasing efforts boosted occupancy to 80% after the purchase to stabilize the asset. Earlier this year, the office property was challenged with new vacancy of 40,000 square feet. “We were able to quickly backfill the losses and achieve 100% occupancy within a few months,” Duckworth says. “In addition, the new companies and expansions have dramatically improved the rent roll and the long-term viability of the asset.”