Boca Raton office building hits market without an asking price

A 206,946-square-foot office building in Boca Raton has been listed for sale without an asking price.

Institutional Property Advisors (IPA), a division of commercial real estate brokerage Marcus & Millichap, is the exclusive adviser for the sale of the office building, called 301 Yamato.

The building, which has a  92 percent occupancy rate, is located east of Interstate 95 and just west of U.S. Highway 1 in Boca Raton, within one mile of the city’s Tri-Rail station.

Built in 1987 and never previously offered for sale, 301 Yamato features a reflective glass design and a four-story, naturally lit atrium lobby with glass curtain walls and indoor and outdoor water features.

The four-story office building has an attached five-story parking garage connected to the building by an air-conditioned bridge.

Douglas K. Mandel, senior managing partner investments of IPA, said in a prepared statement that 301 Yamato is the “preeminent office building in the Boca Raton East submarket.” Its tenants represent such industries as law, insurance, banking, accounting, advertising, real estate and financial services.

Mandel also said office rents in Boca Raton are forecast to increase 15 percent over the next five years, and rents for buildings comparable to 301 Yamato are “rapidly moving into the $30s per square foot on a triple-net basis.”

Mandel and C. Todd Everett, director of the National Office and Industrial Properties Group of Marcus & Millichap, are representing the seller.

“There hasn’t been an impactful new supply of office deliveries to the area in several years, and there is no development pipeline activity in the near-term forecast,” Everett said in a statement.