PALM BEACH, FL—CBRE has been charged with turning around a distressed office project in Boca Raton, FL. The firm just sealed the exclusive leasing contract for Financial Centre and Pine Tree Plaza, five office buildings totaling 166,968 square feet in Deerfield Beach, FL.
CBRE will work with the owner, Scott Properties, to market 45,000 square feet of availability in the buildings. The owner previously provided its own leasing services.
The 300 Lock Road building has 25,000 square feet vacant after a recent IRS departure and is only 17% leased. The 1701 & 1761 Hillsboro Boulevard buildings are 88% leased and the flex buildings are 84% leased.
"I am very excited about the opportunity to help reposition and increase occupancy for these assets," says Owen Sagar, a vice president at CBRE. "Financial Centre and Pine Tree Plaza offer a great opportunity for businesses looking for convenient I-95 access with local amenities, and strong ownership behind their building. We look forward to representing Scott Properties and these assets."
Built from 1986 through 1998, the buildings are located on the north-east corner of Hillsboro Boulevard and Military Trail. The properties include three office buildings consisting of 110,000 square feet, and two flex space buildings totaling 56,968 square feet. Major tenants include Bank of America, SunTrust, and Harte-Hanks.
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