Boca Raton office building hits market without an asking price

The 30-year-old building, called 301 Yamato, has a 92 percent occupancy rate

TRD MIAMI /
Apr.April 29, 2017 05:00 PM

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.


Related Articles

arrow_forward_ios
Prentis Wilson and 1880 Sabal Palm Circle (Realtor)

Proceed to checkout: Former Amazon exec pays $5M for Boca Raton mansion

Proceed to checkout: Former Amazon exec pays $5M for Boca Raton mansion
310 East Alexander Palm Road (Realtor.com)

Cumberland Farms scion buys waterfront Boca Raton home

Cumberland Farms scion buys waterfront Boca Raton home
Stephen Siegel of Fairstead, 21000 Ruth and Baron Coleman Boulevard in Boca Raton (Credit: Google Maps)

Jewish Federation sells Boca Raton senior living facility for $34M

Jewish Federation sells Boca Raton senior living facility for $34M
5001 Egret Point Circle, Jeff Levitetz (Credit: Google Maps)

That’s a lot of lettuce: Grocery distributor lists Boca Raton mansion for $23M

That’s a lot of lettuce: Grocery distributor lists Boca Raton mansion for $23M
Carmen N. D'Angelo, Jr., Kevin Kreutzfeld and 4111-4121 Ibis Point Circle

Wife of rock salt magnate buys waterfront Boca Raton lots for $7M

Wife of rock salt magnate buys waterfront Boca Raton lots for $7M
Michael Dell and Boca Raton Resort & Club

Michael Dell’s MSD Partners plans major changes to Boca Raton Resort & Club

Michael Dell’s MSD Partners plans major changes to Boca Raton Resort & Club
311 East Key Palm Road, Mark S. Cosby (Credit: Google Maps)

Former CEO of Michaels sells Boca Raton mansion for $10M

Former CEO of Michaels sells Boca Raton mansion for $10M
John Pulichino and Joy Tong, 3621 Princeton Place (Credit: Google Maps)

Luggage designer sells waterfront Boca Raton mansion for $6M

Luggage designer sells waterfront Boca Raton mansion for $6M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...