The expansion would bring the property to 162,537 square feet.
The purchase incudes two office buildings totaling nearly 206,000 square feet, along with a 2.13-acre vacant parcel.
Grover Corlew is looking to add more office and restaurant space to downtown Boca Raton through a redevelopment of Bank of America Plaza at 150 E. Palmetto Park Road.
Plans recently submitted to the city call for changes to the 1.65-acre property, which is currently improved with an eight-story, 115,553-square-foot office building dating to 1969. The proposal would remove a 21,414-square-foot portion of the structure along Mizner Boulevard and replace it with a new eight-story addition totaling 71,112 square feet.
The expansion would bring the property to 162,537 square feet. In addition to new office space, the project would introduce nearly 7,000 square feet of restaurant space at ground level, along with 1,680 square feet of covered outdoor dining and a rooftop amenity area. The plans also include a robotic underground parking system with 90 spaces.
Grover Corlew’s leadership framed the proposal as part of a broader push to strengthen Boca Raton’s downtown as a destination for both employers and workers. The concept emphasizes a more active street presence, with dining and retail intended to make the property function as more than a traditional office building.
The project is still early in the city review process. HdA Architects, based in Boca Raton, is designing the redevelopment, and attorney Ele Zachariades is representing the developer in the application.
The proposal comes as Boca Raton’s eastern office market continues to balance new development with available space. Colliers reported a first-quarter office vacancy rate of 12.8% in Boca Raton East, with Class A vacancy notably higher at 22%. Average asking rents for Class A offices were reported at $58.28 per square foot, while roughly 144,000 square feet of office product was under construction in the submarket, much of it tied to the Aletto project now rising downtown.
Source: SFBJ
Related Ross has expanded into Broward County with the acquisition of Fiserv’s Coral Springs office campus in a $36.5 million sale-leaseback deal.
An affiliate of Stephen M. Ross’ West Palm Beach-based firm purchased two office buildings totaling nearly 206,000 square feet, along with a 2.13-acre vacant parcel. The assets are located at 4000 Coral Ridge Drive, 3975 NW 120th Ave., and 11900 NW 41st St. Fiserv, through First Data Corp., sold the properties and then leased the office buildings back for 36 months.
The transaction also included $18.25 million in seller financing, underscoring the deal’s investment nature. The purchase gives Related Ross a foothold in a Broward submarket where it has had limited activity compared with its extensive presence in West Palm Beach.
The two office properties have long operating histories. The building at 3975 NW 120th Ave. was completed in 1999 and had not previously traded hands. The Coral Ridge Drive property dates to 1965, was expanded in 1990, and last sold in 1996 for $5.6 million.
Source: SFBJ
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Boca’s Bank Of America Office Building Plans Expansion
/in News/by SFOBA STAFFThe expansion would bring the property to 162,537 square feet.
Stephen Ross’ Company Buys Broward Tech Office For $37M
/in Done Deals, News/by SFOBA STAFFThe purchase incudes two office buildings totaling nearly 206,000 square feet, along with a 2.13-acre vacant parcel.