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Boca’s Bank Of America Office Building Plans Expansion

April 14, 2026/in News/by SFOBA STAFF

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 Signs Two Major Leases At 600 Hillsboro, Bringing Hillsboro Center To 90% Occupancy

July 27, 2025/in Done Deals, News/by SFOBA STAFF

Grover Corlew announced the signing of two significant leases, one with The Corradino Group and the other with Wemlo, at 600 Hillsboro, one of five buildings in the Hillsboro Center office campus in Deerfield Beach.

The leases bring Hillsboro Center to 90% occupancy.

The Corradino Group, a national leader in transportation engineering and planning, has signed a lease for 27,021 square feet of space at 600 Hillsboro, which will serve as the command center for the Florida Department of Transportation’s (FDOT) SW 10^th Street Connector Project— an estimated $1.3 billion infrastructure initiative linking the Sawgrass Expressway to I-95 that will create thousands of jobs and generate over $5.5 billion dollars in economic return to the region.

This high-profile project, delivered in partnership with Prince Contracting (part of the Flatiron-Dragados group within the global ACS Group) and OHLA USA as a joint venture, along with Archer Western (part of the Walsh Group, a fourth-generation family-owned business providing construction services across North America), aims to address longstanding safety and congestion concerns. Once complete, the project will significantly enhance travel, freight movement, and hurricane evacuation routes across Broward County and the broader South Florida.

Wemlo, a RE/MAX Holdings fintech subsidiary that offers third-party mortgage loan processing services, has leased 3,102 sq. ft. of space at 600 Hillsboro, bringing another innovative, growth-oriented company to the building.

These leases follow a series of recent transactions, including the addition of new tenants, and renewals and expansions of current tenants including Osborn Engineering in 600 Hillsboro and J.D. Gilbert & Company, Supreme Health Options and Asymmetric Alpha Global Investors in 700 Hillsboro.

“Hillsboro Center has become a dynamic hub for companies looking for modern space, direct highway access and value in the heart of South Florida,” said Partner Mark Corlew. “The leasing momentum we’ve achieved reflects the strength of the improvements we’ve made, the quality of our tenant experience and the demand for well-positioned suburban office space.”\

Grover Corlew acquired Hillsboro Center in 2019 for $32.5 million, recognizing the long-term potential of the property’s prime location at the southeast corner of Hillsboro Boulevard and I-95. The campus includes the six-story, 119,000-square-foot tower at 600 Hillsboro and four additional buildings totaling nearly 103,875 square feet at 700 Hillsboro. Since the acquisition, Grover Corlew has invested more than $11 million in extensive capital improvements and renovations including a redesigned lobby at 600 Hillsboro, new spec suites, upgraded restrooms and corridors, a tenant lounge and a state-of-the-art fitness center.

“Hillsboro Center is at the center of a rapidly evolving corridor that continues to attract significant public and private investment,” said Partner Anuj Grover. “With more than 162,377 square feet leased since 2023, we’re seeing strong demand driven by nearby developments like the Hillsboro Technology Center and the redeveloped JM Family headquarters campus.”

The revitalization of Hillsboro Center is part of a larger vision for the site. Grover Corlew recently received site plan approval to expand the property with 360 luxury apartment units under its Mayla brand, while continuing to modernize the office campus and demolish obsolete buildings to make way for new public spaces and improved infrastructure.

Ideally located just east of I-95, Hillsboro Center offers tenants structured parking, on-site management, an on-site café, and immediate access to a wide range of nearby restaurants, banks, hotels and retail, with connectivity to Boca Raton via the Dixie Highway overpass and Sawgrass Expressway access through SW 10th Street.

The Corradino Group was represented by Kathryn B. Gillespie of 15 Properties in the transaction and Wemlo was represented by Candy Yeung of REMAX Consultants Realty 1. Grover Corlew was represented by Joe Freitas, John Criddle, Max Pawk and Nicholas Mulligan of CBRE.

Venture X Opens Newest Coworking Space In Boca Raton

July 6, 2025/in Done Deals, News/by SFOBA STAFF

Grover Corlew announced that Venture X, a premier coworking brand, has opened its newest location in South Florida at the reimagined Palmetto Central office campus in Boca Raton.

The 30,000-square-feet Venture X coworking space now occupies the entire top floor of 1489 W. Palmetto Park Road, a building that has been completely renovated. This renovation is part of a broader $60 million investment to transform the two-building Palmetto Central complex. The redesigned top floor features bright, modern interiors with full-height hurricane-impact windows and private balconies. Additional upgrades to the property include fully renovated common areas, a striking tiered water feature at the main entrance, and generous covered parking with EV charging stations.

“Venture X is a perfect fit for the Palmetto Central office campus, and we are thrilled to welcome them to the building,” said Mark Corlew, Partner at Grover Corlew. “We’ve invested significant resources into modernizing this space to offer businesses the best in design, amenities and location. The demand for Class A office space in Boca Raton is high, and Palmetto Central offers an unparalleled opportunity for businesses that are interested in relocating to the area.”

The Boca Raton Venture X location meets the region’s growing need for flexible workspaces, offering an upscale, collaborative environment for entrepreneurs, remote professionals, startups and established businesses alike.

“We are thrilled to bring the Venture X experience to Boca Raton and to be part of the revitalization of this iconic property,” Kevin Priddy, Managing Partner, Venture X. “This new location reflects our commitment to providing top tier coworking spaces that meet the needs of today’s professionals, with a focus on community and collaboration.”

The Palmetto Central complex is ideally located within close proximity to I-95, the Brightline station and upscale shopping and dining . Venture X joins UHealth Boca Raton, a University of Miami Health System clinic, which opened a 17,000-square-foot clinic in the same building in late 2024.

Venture X was represented by Derek Baker of Colliers, while Grover Corlew was represented by Joe Freitas, John Criddle and Max Pawk of CBRE.

Coworking Operator Signs 29K SF Lease For Office Space In Boca Raton Amidst Leasing Surge

August 4, 2024/in Done Deals, News/by SFOBA STAFF

As Boca Raton’s leasing surge surpasses other major office hubs, Venture X, the nation’s third largest coworking operator, has signed a long-term top floor lease at Palmetto Central in Boca Raton, encompassing 28,959 square feet.

Colliers’ Executive Vice President Derek Baker represented the tenant in negotiating the deal. CBRE’s Joe Freitas, John Criddle and Max Pawk represented the landlord, Grover Corlew, in the lease negotiations.

“I’m thrilled to have assisted Venture X in securing a premier location for their new flagship site in Boca Raton,” said Baker. “Venture X sought to leverage the flight-to-quality trend for its coworking customers, by focusing on only quality assets and ownership. Grover Corlew’s expansive redevelopment of Palmetto Central aligns perfectly with these goals, creating a best-in-class office experience in Central Boca Raton.”

Palmetto Central, located at 1489 and 1499 W Palmetto Park Road, stands out with its Class A office space in a state-of-the-art redevelopment immediately east off Interstate 95, in Boca Raton’s bustling market. The property’s prime location offers unmatched access to the East Coast, being just minutes away from Downtown Boca Raton, the Glades Corridor and the new Brightline Boca Raton Station.

The property is undergoing an ongoing and phased $30 million renovation which has included significant upgrades to the two building’s façades, lobbies, and common area corridors, all aimed at elevating the asset and tenant mix to the highest quality. The property’s standout features include floor-to-ceiling windows, custom high-quality buildouts, full-height hurricane impact windows, and premium amenities such as a tenant lounge, fitness center, conference facility, and monument building signage opportunities.

“With the high demand for modern office space in downtown Boca Raton, Palmetto Central stands out in terms of quality and location,” said Mark Corlew, Partner at Grover Corlew. “We’re excited to welcome Venture X, which will thrive thanks to the distinctive upgrades that have brought this property to its full potential.”

Grover Corlew is a real estate investment management group and developer of multifamily and office properties with a proven track record of over 100 years of combined industry experience in acquiring, transforming, and managing a diverse range of assets, including office, multifamily, and retail properties, throughout the southeastern U.S., with a focus on Florida. The firm has developed, owned, and managed over 10,000 units and more than 10 million sq. ft. of commercial space, specializing in investor and tenant relationships and projects that revitalize and stimulate local communities.

Kevin Priddy, the Venture X franchise owner, expressed excitement about Venture X’s expansion into Boca Raton, stating, “Opening a Venture X in Boca Raton is a thrilling milestone for us, it is the perfect market for our brand, with its dynamic business community and thriving entrepreneurial spirit. We are excited to provide a modern and collaborative workspace that caters to professionals, entrepreneurs, and small businesses, offering them the ideal environment to innovate, network, and grow.”

In the second quarter of 2024, the Boca Raton office market emerged as a prime destination for office tenants, leading leasing activity in Palm Beach County. Leasing across the Boca Raton East, West, and North submarkets surpassed 250,000 sq. ft., accounting for 38% of all Palm Beach County leasing during the quarter. This robust activity can be attributed to the highly educated workforce spurred by local institutions such as Florida Atlantic University, Lynn University and Palm Beach State College. Additionally, the new Boca Raton Brightline Station has improved connectivity, enabling companies to access talent from the broader South Florida region. With this advantageous convergence of factors, the outlook for the Boca Raton office market remains positive as we enter the second half of 2024.

Cushman & Wakefield Arranges $29.7M Refinancing Loan For Delray Central Office Portfolio

August 21, 2022/in Done Deals, News/by SFOBA STAFF

Cushman & Wakefield arranged a $29.7 million refinancing loan on behalf of G&C Arbors Investors, LLC, an affiliate of South Florida-based real estate investment management group Grover Corlew. The loan is for Delray Central, a 175,965-square-foot, two-building office portfolio on more than 12 acres.

Jason Hochman and Ron Granite of Cushman & Wakefield’s Equity, Debt & Structured Finance team secured the loan through Ameris Bank.

“Grover Corlew is a leading developer and operator in South Florida with proven success across multiple office properties in the Palm Beach and northern Broward County markets,” said Hochman, Executive Director at Cushman & Wakefield. “Recognizing an experienced sponsor and the strong office market fundamentals, the lender offered a low rate and flexible terms to match the business plan.”

The Delray Central office portfolio consists of a 98,460-sf building spanning two stories at 1615 S Congress Ave. and a 77,505-sf building spanning four stories at 1625 S Congress Ave. Both buildings sit directly west of Interstate 95 at the southeast corner of Congress Avenue and Linton Boulevard. The office portfolio also includes floor plans ranging from 2,300 sf to more than 26,000 sf to accommodate diverse tenant profiles, a robust of 4.6 per 1,000-sf parking ratio and access to Delray Beach’s world-class amenities.

“We applaud the Cushman & Wakefield team for working diligently to finalize this refinance, especially given today’s challenging financing market,” said Mark Corlew, Partner at Grover Corlew. “With a growing portfolio valued at more than $1 billion, we’ve effectively acquired, transformed, and managed suburban office properties across South Florida and we look forward to further enhancing our Delray Central office portfolio to attract new businesses to the area.”

G&C Arbors Inventors, LLC will utilize the refinancing loan for future capital and leasing costs at Delray Central to further improve the property for its tenants. With some newly signed leases, the buildings will soon be stabilized, allowing the owner to enjoy property cash flows while the Congress Avenue corridor continues to evolve into a pedestrian-friendly area with new multifamily and retail projects.

Grover Corlew Taps CBRE Team To Market Boca Raton Office Buildings

June 26, 2022/in Done Deals, News/by SFOBA STAFF

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.”