Ken Morris, president of locally based Morris Southeast Group/Corfac International, represented BankAtlantic in the negotiations. Alice Lucia, SVP in the Boca Raton office of Miami-based Americas Capital Partners, was the owner's in-house representative. The six-story building, which Morris describes as "a strong B+," was completed in 1987, he says.
These leases takes occupancy in the 138,847-sf office building to 86%, Lucia tells GlobeSt.com. Neither she nor Morris disclosed the aggregate value of the BankAtlantic lease, but both confirm that the average asking rental rate for comparable properties in this market is $14 per sf, triple-net. BankAtlantic operates 78 branches and more than 200 ATMs in Florida. It has assets of $6 billion.
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