Robert C. Smith, SVP in CBRE's Boca Raton office, and Michael Klotz, first VP in the Miami office, are marketing the property for sale and also handling leasing. "There is no asking price for the sale," Smith tells GlobeSt.com.
Currently, 80,000 sf of contiguous space is available in the building, which includes a restaurant, 250-seat auditorium, day care center and exercise facility. Smith says, "the asking rental rate is $15 per sf net, plus operating costs of $4.50 per sf. At under $20 per sf," he adds, "this is approximately 25% less than rates in the PGA Corridor office market," where he says gross rental rates range from $25 per sf to $28 per sf.
Aquila's president, Tom Weber, suggests the location will benefit from the anticipated number of research-related firms that are expected to be lured to Palm Beach County by the long-planned Scripps Research Institute. This building is two miles from the former Mecca Farms parcel on which Scripps hopes to build. Construction of the Scripps project, however, is currently delayed by litigation and under review.
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