The buildings are 100% leased on a long-term basis to LexisNexis and Cross Country Health Care. Granite Meridian is an institutional investment fund managed by New York City-based BlackRock, Inc.
West Palm Beach-based RJS Realty Group president Bob Sullivan and managing director Steve Miskew represented Meridian in the transaction and were the sole brokers involved in the deal. "This was an exceptional opportunity to acquire two quality office buildings leased on a long-term basis to two excellent tenants and situated in an acclaimed corporate park," Sullivan says, in a prepared statement.
According to a CB Richard Ellis Q3 office market report for Palm Beach County, the vacancy rate in Boca Raton is 11.6% with 187,335 sf of negative absorption year-to-date and 420,000 sf of space under construction. Average asking rental rates are $19.38 per sf.
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