The Real Deal Miami

CushWake tapped to lease Boca Raton office plaza

IP Capital Partners paid $23M for property in August

September 22, 2015 05:15PM

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The Wells Fargo Plaza at 925 South Federal Highway in Boca Raton

The Wells Fargo Plaza at 925 South Federal Highway in Boca Raton

The new owners of the Wells Fargo Plaza in Boca Raton have brought on Cushman & Wakefield to lease the property, The Real Deal has learned.

Boca-based IP Capital Partners, which in August paid $23 million for the plaza’s two buildings and its connected parking garage, will reposition the plaza through a capital improvement program that includes high-end spec suites, a spokesperson told TRD.

New York-based Real Estate Capital Partners sold the office complex at 925 and 975 South Federal Highway last month.

CushWake Director John K. Criddle will handle leasing for the Class A, 102,309-square-foot property. It was built in 1990 and 2000 and includes a seven-story, 88,509-square-foot office building, an adjacent two-story, 13,800-square-foot office and retail bank building and a six-level parking garage with nearly 600 spaces.

“Given the strong market conditions in the East Boca Raton submarket, it is the ideal time to reposition Wells Fargo Plaza into a premiere Class A suburban office building,” Criddle said in a press release.  – Katherine Kallergis