The Real Deal Miami

Boca bank tower trades for nearly $36M

Bank of America Tower is 87 percent occupied

December 15, 2015 12:30PM

  • Print
The Bank of America Tower in Boca Raton and Jeff Johnson, CEO of the Dividend Capital Diversified Property Fund

The Bank of America Tower in Boca Raton and Jeff Johnson, CEO of the Dividend Capital Diversified Property Fund

A New York investment company just sold the Bank of America Tower in Boca Raton to a public trust for $35.75 million.

The eight-story building is located at 150 East Palmetto Park Road in downtown Boca Raton.

It was sold by Clarion Partners, an investment manager based in New York that has roughly $38 billion in assets under its control.

The buyer is Dividend Capital Diversified Property Fund, a public real estate investment trust that has an office in Denver, Colorado. It primarily invests in commercial assets and has a portfolio of 59 properties, totaling roughly 9.8 million square feet.

Clarion first purchased Bank of America Tower for $34.2 million in 2005 on behalf of a “separately managed account,” according to a news release about the sale. That price breaks down to about $312 per square foot for the 109,553-square-foot tower. It’s mostly made up of office space but also has ground floor retail and restaurant suites.

The building, which has a full-service Bank of America branch on the bottom floor, is 87 percent leased to tenants like Zen Offices, Veretech Holdings and Charles Schwab & Company. An eatery called Besito Boca will also soon open in the restaurant space.

After owning it for a decade, Clarion sold it for about $326 per square foot. That’s a $1.55 million return over what it cost the firm to buy Bank of America Tower 10 years ago.

The investment manager was also behind a massive $117 million retail purchase in Palm Beach that closed Monday. — Sean Stewart-Muniz

MENU