UNLOCK THE POWER OF THE VAULT

Office building sold to public REIT for $36M

December 16, 2015

Dec 14, 2015, 4:50pm EST

The Bank of America Tower in downtown Boca Raton sold for $35.75 million

HFF’s Hermen Rodriguez, Ike Ojala and Jorge Portela represented seller Clarion Partners, through affiliate 150 East Palmetto LLC, in the deal. The buyer was Dividend Capital Diversified Property Fund, a public REIT.

The property totals 109,553 square feet of leasable space and 330 parking spaces at 150 E. Palmetto Park Road. The price equates to $326 per square foot.

It was built on the 1.65-acre site in 1969. The property last traded for $34.2 million in 2005, so it didn’t gain much value in the past decade.

Print Friendly, PDF & Email
Go Back
Second Annual Blue Vault Broker Dealer Educational Summit 2016
2016 Broker Dealer Educational Summit 2016
May 30, 2016

Best Due Diligence meeting in the industry. No sales pitches, senior level decision makers, meaningful discussions and the Broker Dealer networking sessions were especially useful. Thanks to Blue Vault for raising the bar!