The Real Deal Miami

Boca office building sells for $326 per square foot

HFF handled the $35.8 million sale of the Bank of America Tower

December 26, 2015 01:00PM

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Bank of America Tower in Boca Raton

The Bank of America Tower in Boca Raton

Commercial real estate brokerage HFF handled the sale of a Boca Raton office building named after Bank of America, a 20-year tenant, for $326 per square foot.

The buyer, Diversified Property Fund Inc., paid $35.8 million. The seller, Clarion Partners, had purchased the eight-story building in 2005 for $34.2 million.

The 109,500-square-foot office building is located on a 1.7-acre site at 150 East Palmetto Park Road.  It opened in 1970 and underwent major renovations in 1997 and 2010.

The building is 87 percent occupied, Bank of America alone occupies 30 percent of the space. Charles Schwab & Co. also is part of the tenant mix.

The building’s occupancy rate may rise if the office market  in Boca Raton improves further. The third-quarter office vacancy rate in Boca dropped 320 basis points from last year’s level, real estate firm JLL reported. [Commercial Property Executive] — Mike Seemuth