Boca office building sells for $326 per square foot

The 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.

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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