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BOCA RATON, FL-Altman Development Corp., a luxury apartment developer and manager, has signed a 12,547-sf lease here. The space is located in the class A building Boca 1515, located at 1515 S. Federal Highway.

Altman Development plans to move from its existing, central city location at 2201 N.W. Corporate Blvd. to Boca 1515 early next year. The company signed a 10-year lease.

Boca 1515 is a 176,000-sf, four-story office building in east Boca Raton, near Mizner Park. The building’s average rental rates are $15 per sf triple net. Based on this average, the Altman Development lease is worth an estimated $1.88 million triple net.

The building features free covered parking, 24-hour security and an on-site beauty salon.

Adam C. Starr, a senior associate with Trammell Crow Co., represented the property owner, Multi Employer Property Trust, in the transaction.

“We are thrilled to welcome such a fine organization as Altman Development Corp. to Boca 1515,” says Starr. “We were able to provide Altman with a space that met their requirements, both in space, functionality and budget, and provided our client with a long-term creditworthy tenant.”

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