A General Electric subsidiary may vacate a Boca Raton office as the building comes close to being seized in foreclosure.
GE/Interlogix is the largest tenant at Arvida Park of Commerce, with 88,729 square feet. The 156,898-square-foot building sits on 10 acres at 791 Park of Commerce Boulevard. The company not yet renewed its lease that expires at the end of next year.
The lack of a renewal deal thus far has forced the property owner, Birmingham, Mich.-based Fla Properties #116, to make a reserve payment. The payment, however, hasn’t been made. The borrower is remitting all of its net operating income during lease negotiations.
Last week, U.S. Bank, representing a commercial mortgage-backed securities trust, filed a foreclosure suit against the owner. [South Florida Business Journal] — Mark Maurer