The Real Deal Miami

Boca Raton office towers trade for nearly $24M, seller takes a loss

Property has two office buildings totaling 100,000sf

April 20, 2015 03:45PM
By Sean Stewart-Muniz

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The offices at 2300 Glades Road in Boca Raton

The offices at 2300 Glades Road in Boca Raton

A pair of office towers in Boca Raton recently sold for $23.75 million, almost $2 million below what their owner paid for them nine years ago.

The Glades Twin Plaza office complex, at 2300 Glades Road, has two 50,000-square-foot buildings that are surrounded by a parking lot.

The property was last purchased in 2006 for $25.6 million by a company titled Glades Twin Plaza Tower, which has ties to the BlackRock Granite Property fund, according to Palm Beach County property records.

In a deed filed Friday, ownership was transferred to a company named L&B CIP Glades Twin Plaza, which is affiliated with the Texas-based investment management firm L&B Realty Advisors.

The plaza was built in 1982 and has been traded five times since then, including the latest sale. The towers’ lowest sale price was for $5.9 million in 1993.

Another company tied to L&B purchased a neighboring office plaza for $75 million in 2012, the South Florida Business Journal reported.

The market for office properties in Palm Beach County has been hot recently, with buildings in Boca Raton, Delray Beach and Fort Lauderdale either trading or being re-financed. Real estate investors have cited a need for Class-A office space in Palm Beach County, particularly to attract high-net-worth companies and hedge funds.