Boca Raton, FL – September 25 , 2015 – CBRE represented the seller, Ram Realty, in the sale of Palmetto Park City Center, a boutique Class A office building in Palm Beach County’s prestigious Boca Raton submarket. The 66,618-square-foot property at 120 E. Palmetto Park Road was acquired by a private offshore investor for $25.75 million, or $387 per rentable foot. The property was 100% leased to a distinguished roster of law firms and financial services tenants at the time of sale.
“The investment community finds the Downtown Boca area to be particularly attractive, due to the continued evolution of the area into a 24-hour, live-work-play neighborhood,” said CBRE Vice Chairman Christian Lee. “The belief is that these micro-markets will outperform the market as a whole, as the population base continues to urbanize.”
“Boca Raton has the market’s second-highest rent index, plus a forecasted absorption rate that’s expected to push vacancies well below 14% by 2019,” said Jose Lobon, CBRE Vice President. “At the same time, office-using employment is projected to grow by more than 9% over the next five years, all of which piqued investment interest in top-tier properties like Palmetto Park City Center.”
Built in 1996, Palmetto Park City Center occupies an enviable location near some of east Boca Raton’s most upscale destinations, including Mizner Park, the Boca Raton Resort & Club, and the 450-acre Royal Palm Yacht & Country Club. It has exceptional curb appeal, visibility, and accessibility within the submarket.
CBRE’s Scott O’Donnell, Jeffrey Kelly and Dominic Montazemi, together with Charles Foschini of CBRE Debt & Structured Finance, also collaborated in representing the seller. Juan Arcila with Exan Capital represented the purchaser.
About CBRE Group, Inc. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.