Insurance Group Pays $169.35 per SF for Build-to-Suit HQ

BOCA RATON, FL-In a $52.5 million deal, the National Council on Compensation Insurance Holdings Inc. has acquired a customized 310,000-sf office building jointly developed here by Codina Group of Coral Gables, FL and St. Joe Commercial, the Orlando-based development arm of St. Joe Co. of Jacksonville, FL. Boca Raton is 42 miles north of Downtown Miami.

The locally based workers’ compensation-services company paid $169.35 per sf for its three-story, class A corporate headquarters structure. The building was erected on an 18-month, fast-track schedule.