Modernizing Medicine inks 50k sf lease at Boca Raton Innovation Center

Asking rents for Class A space in the north Boca submarket average about $30 psf

Jul.July 28, 2017 04:30 PM

5000 T-Rex Avenue, Alan Kleber, Cameron Tallon, and Barbara Liberatore Black

Modernizing Medicine, a Boca Raton-based health technology company, just signed one of the largest lease deals in Palm Beach County this year, according to JLL.

The firm is taking 50,000 square feet on the third floor of the Boca Raton Innovation Center building at 4850 T-Rex Avenue, once home to IBM. It’s part of the 123-acre, Class A office complex that’s also home to Tyco Security, Verizon Wireless and Everglades University.

Next Tier HD, a real estate investment firm based in New York, bought the complex from the Blackstone Group in 2015 for an undisclosed price. Danielle Vennett, managing director, said Next Tier has added 600,000 square feet of office space since acquiring the property. She declined to provide current rents.

Asking rents for Class A space in the north Boca Raton submarket average about $30 per square foot, triple-net, according to a second quarter JLL report. At market rates, that would equate to about $1.5 million a year. North Boca had a 9 percent vacancy rate in the second quarter, the report shows.

JLL’s Barbara Liberatore Black, Alan Kleber and Cameron Tallon represented Modernizing Medicine in the deal.

The biotech company has its headquarters at the FAU Research Park, as well as an office in Weston. The company developed an electronic medical records and data system for specialty physicians.

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