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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.

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