StateTrust Group just paid $13 million for a new headquarters building in Boca Raton.
An entity tied to Melvin Stier sold the 51,000-square-foot office building at 1750 Clint Moore Road. The three-story building traded hands for about $260 per square foot. It was built in 1996 and sits on a 5-acre lot within the 700-acre Park of Broken Sound.
The buyer, Boca 1750 LLC, is led by executives at the Miami-based investment management firm StateTrust Group, an affiliate of StateTrust Wealth Management. The company is currently based at 800 Brickell Avenue and is expanding, said Molly McDonough of Butters Realty & Management, who represented the seller with her partner Darcie Lunsford.
The buyer was represented by Marcy Javor of Signature One.
Records show the building last sold in 2013 for $12.7 million. At the time, Mobile software firm OpenPeak Inc. was the sole tenant. W.R. Grace & Co. and ADT were previously tenants.
Earlier this month, a nearby 116,000-square-foot office building sold for $24 million.
New apartment projects from developers like Armando Codina and Jim Carr, Jimmy Tate and Sergio Rok, and Altman Development Corp. are also underway at the park.