Real estate investment management firm invests $16 million to revitalize iconic office buildings at 120 and 150 East Palmetto Park Road.
Grover Corlew, a South Florida-based real estate investment management group specializing in the acquisition, transformation and management of office, multifamily and retail assets, has completed a $61 million refinancing of two premier office properties in downtown Boca Raton, Palmetto Park City Center and the Bank of America Tower, located at 120 and 150 East Palmetto Park Road, respectively.
The loan originated with Wells Fargo and subsequently transitioned to the bank’s commercial mortgage-backed securities (CMBS) platform, underscores the finance community’s continued confidence in Grover Corlew and the long-term value of the company’s assets.
“In just a few weeks, we’ve completed two refinances valued at more than $100 million across our Boca Raton office portfolio,” said Grover Corlew Partner Mark Corlew. “120 and 150 East Palmetto Park Road are located in the heart of Boca’s central business district, but to truly maximize their potential, they required a comprehensive transformation. Today, both properties are nearing full occupancy, and they’re commanding the highest lease rates among comparable office buildings in the market, which is a clear reflection of the value we’ve created.”
Palmetto Park City Center, a five-story, 66,606-sq.-ft. Class A office building at 120 East Palmetto Park Road, was acquired by Grover Corlew for $25.2 million. Built in 1996 and ideally situated near Mizner Park, Royal Palm Place, the Boca Raton Resort & Club and the Brightline station, the building has undergone more than $9 million in renovations. These improvements include lobby and façade upgrades, refreshed tenant spaces, updated restrooms and common area enhancements. The property also offers ample covered and surface parking and earned an Energy Star label in 2015. Palmetto Park City Center is currently more than 90% leased.
The eight-story, 109,497-sq.-ft. Bank of America Tower next door at 150 East Palmetto Park Road was purchased by Grover Corlew for $44.6 million in an off-market transaction in 2021. Since the acquisition, Grover Corlew has invested more than $7 million in upgrades, which have elevated rental rates and boosted occupancy to over 90%. Enhancements include a $1.3 million elevator modernization, a lobby renovation, a full-floor tenant buildout for Waypoint, and the addition of Mia Rosebud—a premier Italian restaurant from renowned Chicago restaurateur Alex Dana. The property offers a grand lobby, ocean-view office suites, conferencing facilities, and on-site management. The 7,800-sq.-ft. Mia Rosebud serves classic Italian cuisine and century-old family recipes in a sophisticated setting.
“This refinancing supports our broader investment strategy,” said Grover Corlew Partner Anuj Grover. “It strengthens our position and provides additional flexibility as we continue to pursue new opportunities for growth and development throughout the region.”
Grover Corlew’s investment in Boca Raton spans nearly a decade, beginning with the 2016 acquisition of 1489 and 1499 West Palmetto Park Road, collectively known as Palmetto Central, a property that has since been redeveloped and was refinanced earlier this month. Through the strategic enhancement of its Boca Raton holdings, Grover Corlew continues to serve as a catalyst for regional growth and long-term economic development. For more information visit grovercorlew.com.
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About Grover Corlew
Real estate veterans with a proven track record of more than 100 years of combined industry experience lead Grover Corlew in acquiring, transforming and managing office, multifamily and retail properties across the southeastern U.S., with a focus on Florida. The Grover Corlew team has developed, owned and managed 10,000+ units and more than 10 million sq. ft. of commercial space, taking a personalized approach to investor and tenant relationships, which has attracted corporate headquarters to Grover Corlew signature buildings. The company is actively developing new projects that will continue to help revitalize and stimulate local communities. To find out more about Grover Corlew visit grovercorlew.com.
