Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MIAMI-Prudential Securities Inc. has signed a lease for 32,212 sf of office space at The Plaza in Boca Raton. Sources say the renewal is for 10 years. Given that, based on the building’s rental rates, the lease is estimated to be worth approximately $9.6 million, including operating expenses.

The property is located at 5355 Town Center Rd. The Plaza is a 145,000-sf, 11-story, class A office building currently 85% occupied.

Mike Erickson, first vice president with the Palm Beach County office of CB Richard Ellis Inc. represented the property owner, 485 Properties, in this transaction. George Sacks of Grubb & Ellis represented Prudential Securities.

This deal had a unique challenge, according to Erickson. The transaction was done at the same time as Wachovia Securities was buying Prudential Securities, so the deal “took longer due to levels of approval created by the merger/acquisition,” he says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.