150 e palmetto park road

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

Grover Corlew tapped CBRE to market two Boca Raton office buildings as the two firms continue to expand their relationship throughout Palm Beach and Broward counties. CBRE Executive Vice President John Criddle, First Vice President Joe Freitas, Senior Associate Max Pawk and Transaction Manager Allie Lancashire have been tapped to lease Palmetto Central, located at 1489-1499 W Palmetto Park Road in Boca Raton.

The prominent CBRE office team was awarded the listing by owner Grover Corlew, which purchased the buildings in 2016.

Construction has commenced on a state-of-the-art redevelopment at 1489 W Palmetto Park Road and will deliver the first Class A building to the Boca Raton office market in over a decade. The 1979-built, 83,000-square-foot building will feature ±26,000-square-foot floor plates once it has been redeveloped, with private patio access for 3rd floor tenants and balcony access on 5th floor, full height hurricane impact glass, VRF HVAC systems to allow custom control throughout tenant spaces along with new spec suites on the 3rd floor. The 5-story building offers 5.0/1,000-square-foot parking (mainly covered garage with additional surface with 12 electric car chargers). The redevelopment is slated for a January 2023 completion date.

An entirely new building exterior, which will include a brand-new façade and hurricane impact windows, is planned for the adjacent 5-story, 87,400 square-foot 1499 W Palmetto Park Road building. The project will also include a state-of-the-art gym, high tech conference center, spacious tenant lounge, a comfortable outdoor seating area, new and improved wayfinding and monument signage throughout, complimented by new landscaping.

Located in the heart of Boca Raton, the property is situated at the NE corner of I-95 and Palmetto Pk Rd. It is equidistant between East Boca (Mizner Park/Royal Palm) and Central Boca while also being just 5 minutes from the new Brightline Station and within a walkable distance to restaurants and retail. In addition to Fort Lauderdale International and Palm Beach International airports, the buildings are also in close proximity to Boca Raton and Fort Lauderdale Executive Airports.

Having earned the reputation in Florida and the southeastern U.S. for reimagining infill office properties in prime locations, the South Florida-based real estate investment management group, Grover Corlew, continues to invest in Boca Raton. Grover Corlew will be renovating 120 E Palmetto, which was recently purchased in March 2022. The company will be upgrading the lobby with new lighting, refreshing the common area corridors, painting the exterior and installing new lighting. Spec suite plans are underway for the 2nd floor and a restroom refresh is planned for the entire building.

Grover Corlew and CBRE’s relationship extends beyond Palmetto Central to 150 & 120 E Palmetto Park Road in East Boca Raton, 600 & 700 W Hillsboro Boulevard in Deerfield Beach, 2401 & 2335 E. Atlantic Boulevard along with 50 NE 26th Avenue in Pompano Beach and 1615 & 1625 S Congress Avenue in Delray Beach (leased by Jeff Kelly and Deborah Fink). The total office portfolio totals 825,095 square feet.

“We have been active in Boca since 2016 when we purchased 1499 Palmetto Park Road, and have since purchased the 1489, 120 and 150 buildings on the same street,” said partner Mark Corlew. “We have and are continuing to commit significant capital to re-introduce these incredibly well-located properties as premier, Class A office buildings with the intent to attract high-quality tenants and talent to our city. Our headquarters are here and we’re raising our children here. Given Boca’s high-quality housing and schools, the new Brightline Station and our growing downtown, our city should be an easy sale to new companies relocating to our region.”