As Companies Head to Palm Beach, Grover Corlew Buys Class A Boca Raton Office Tower for $45 Million
“This purchase is a steppingstone in our commitment to this market. We want to be at the forefront of Boca’s resurgence, and to a greater extent, Palm Beach County. We are excited for the future," said a Grover Corlew partner.
A South Florida real estate investment management group has bought the Bank of America Tower in downtown Boca Raton in an off-market transaction for $44.6 million from Black Creek Group, a real estate investment management firm based in Denver, Colorado.
Grover Corlew, headquartered in Boca Raton, bought the 109,497-square-foot tower, located at 150 East Palmetto Park Road, in the heart of the city’s central business district. The property is near the Boca Raton Resort & Club and Royal Palm Place, and is within walking distance to Mizner Park and the Brightline Station, which is expected to be completed soon.
Dominic Montazemi, Scott O’Donnell and Mike Davis, of the Cushman & Wakefield Capital Markets team brokered the transaction. Jason Hochman and Ron Granite of the Cushman & Wakefield team facilitated financing through Wells Fargo Bank.
As companies flock to South Florida, it’s Boca Raton’s time to shine, according to Grover Corlew partner Mark Corlew.
“The fact that we put this off-market deal together is a testament to our team’s aggressiveness, persistence and vision,” said Corlew said in a written statement. “This is an exciting time for Boca Raton and all of Palm Beach County with the influx of companies that are moving to our area. We believe there is an unmet demand in Boca Raton for modern, Class A office space supported by abundant amenities. We are entirely reimagining this property and plan to invest significant capital that will take advantage of its bullseye location and expansive Palmetto Park Road frontage.”
The Class A, eight-story tower houses tenants such as Charles Schwab and Waypoint. The building, which was built in 1970, features on-site management and a building engineer, Wi-Fi access in the lobby, a grand lobby, covered garage parking, and both city and ocean views.
Anuj Grover, partner at Grover Corlew, described the purchase as a stepping stone.
“Boca Raton has an abundance of luxury housing and is known for its highly-rated schools. Having said that, the city needs additional modern, high-quality Class A office buildings,” Grover said. “This purchase is a steppingstone in our commitment to this market. We want to be at the forefront of Boca’s resurgence, and to a greater extent, Palm Beach County. We are excited for the future.”
The Bank Of America Tower is also near both Fort Lauderdale International and Palm Beach International airports, plus the Boca Raton and Fort Lauderdale executive airports.
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