Grover Corlew buys Bank of America Tower in Boca Raton for $45M

Denver firm Black Creek paid nearly $36M for the property in late 2015

Grover Corlew principal Mark Corlew with Bank of America Tower in Boca Raton (Grover Corlew)
Grover Corlew principal Mark Corlew with Bank of America Tower in Boca Raton (Grover Corlew)

Boca Raton investment management firm Grover Corlew purchased an office building in its backyard for $44.6 million.

Black Creek Group sold the Bank of America Tower, an eight-story, 109,500-square-foot Class A building at 150 East Palmetto Road to Grover Corlew, according to a press release. The property’s tenants include Charles Schwab and Waypoint Residential, in addition to Bank of America.

Black Creek, a Denver-based investment management firm that is now part of Ares Management, paid $35.8 million for the building in late 2015. It’s north of the Boca Raton Golf Club and the Royal Palm Place shopping center.

The off-market sale of the Bank of America Tower was brokered by a team led by Cushman & Wakefield’s Dominic Montazemi and Scott O’Donnell. Jason Hochman and Ron Granite brokered the loan, which was provided by Wells Fargo.

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Grover Corlew plans to invest “significant capital” in renovating the building, partner Mark Corlew said in a statement. It was built in 1970 on a nearly 1.7-acre property and includes covered garage parking.

South Florida office sales have ticked upward in recent months.

Last week, CP Group and its joint venture partner sold the One Town Center office building in Boca Raton for $99.5 million to Prime US REIT, based in Singapore. And in June, CP Group, along with funds managed by Rialto Capital Management and Sabal Capital Partners, bought One Biscayne Tower in downtown Miami for $225 million.

Also in July, Pebb Enterprises bought the Boca Raton office building at 5900 Northwest Broken Sound Parkway at the Park at Broken Sound business park for $14.5 million.