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

TRD MIAMI /
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.


Related Articles

arrow_forward_ios
Bob Sheetz and 133 West Coconut Palm Road

Ah Sheetz! Founder of popular convenience store sells Boca Raton estate

The Meridian at Boca Raton at 21865 Ponderosa Drive, and Kenneth Assiran

Meridian Senior Living buys community near Boca Raton for $61M

Michael and Michelle Hagerty, and their home in Royal Palm Yacht & Country Club (Credit: Keeping the Promise, Realtor)

Vodka heir pays $6M straight up for Boca Raton estate

James Batmasian and Trail Plaza in Deerfield Beach (Credit: Google Maps)

James Batmasian nabs retail center in Deerfield Beach for $17M

300 East Key Palm Road

Transportation execs pay $12M for waterfront Boca Raton estate

James Batmasian and 22973-23071 State Road 7

James Batmasian buys Publix-anchored Boca Raton shopping center

Daily Digest Miami

Stephen Ross steps down from NFL committee post-fundraiser backlash, drama at Regalia: Daily digest

State report finds open gas valve fueled building explosion at Plantation shopping center

arrow_forward_ios