Institutional Property Advisors Facilitates Sale Of Class A Office Building In Boca Raton
Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) dedicated to serving the company’s institutional clients, announced the sale of 1200 Corporate Place, a 137,021-square-foot, Class A office property in Boca Raton.
The asset sold for $31,400,000.
“The building was 84% leased at the time of sale, and with approximately 40% of the rentable square footage set to roll over in the next four years, new ownership has a compelling opportunity to drive significant net-operating income growth over the next decade,” said Douglas Mandel, IPA executive managing director investments. “Strategically located at one of the most visible intersections in Boca Raton, the property benefits from a daily traffic count exceeding 50,000 vehicles, providing invaluable exposure to its diverse tenant mix.”
Mandel, along with Zach Levine and Cody Hershey of Marcus & Millichap represented the seller, Keystone Property Group.
1200 Corporate Place is prominently positioned at the intersection of Glades Road and Federal Highway/U.S. Route 1, a gateway corridor that links Downtown Boca Raton with the greater Palm Beach County region. The building is a half mile from Mizner Park, the city’s open-air lifestyle center featuring upscale retail, fine dining, and cultural venues such as the Boca Raton Museum of Art and Mizner Park Amphitheater.
“Surrounded by some of South Florida’s most prestigious residential communities, including The Sanctuary, Royal Palm Yacht & Country Club, and The Golden Triangle, the property is ideally situated for professional tenants seeking a live-work-play environment,” added Mandel. “The nearby Brightline Boca Raton Station, offering high-speed rail service to Miami, Fort Lauderdale, West Palm Beach, and Orlando, adds a layer of accessibility that is unmatched in the region.”
The location also benefits from proximity to the Boca Raton Resort and Club, Boca Raton Airport, and Interstate 95. Average annual household income within a three-mile radius exceeds $122,000.
Built in 1984 and situated on more than five acres, 1200 Corporate Place underwent a comprehensive renovation in 2024. Enhancements included a modernized lobby with water feature upgrades, full parking lot resurfacing, and extensive landscaping improvements to elevate curb appeal. The building features a striking four-story central atrium lobby, a two-story structured parking garage, and a full-service café that caters to both tenants and visitors.
“This transaction highlights sustained investor interest in well-located, institutional-quality office assets in dynamic South Florida submarkets like Boca Raton,” Mandel concluded.
