Signature office building acquisition expands Grover Corlew’s footprint and reinforces long-term commitment to Boca Raton and Palm Beach County
In a challenging market during the height of the pandemic, Grover Corlew set about to do the improbable. The real estate investment management group with a reputation for transforming many of South Florida’s iconic, yet outdated office buildings, purchased the 109,497-sq.-ft. Bank of America Tower in downtown Boca Raton in an off-market transaction with plans to reinvest in the signature building and re-energize Boca Raton’s downtown.
Downtown Boca Raton is known for upscale restaurants, entertainment, shopping and lifestyle venues. Grover Corlew wants to leverage downtown Boca’s strengths to attract national, regional and local companies by creating a best-in-class office experience.
“The fact that we put this off-market deal together is a testament to our team’s aggressiveness, persistence and vision,” said Partner Mark Corlew. “This is an exciting time for Boca Raton and all of Palm Beach County with the influx of companies that are moving to our area. We believe there is an unmet demand in Boca Raton for modern, Class A office space supported by abundant amenities. We are entirely reimagining this property and plan to invest significant capital that will take advantage of its bullseye location and expansive Palmetto Park Road frontage.”
Located at 150 East Palmetto Park Road in downtown Boca Raton, Florida, the property was purchased by Grover Corlew for $44.6 million and sits at the intersection of East Palmetto Park Road and SE Mizner Boulevard. Positioned in the heart of Boca Raton’s central business district, the Bank of America Tower is located within less than a mile of the Boca Raton Resort & Club, which is currently undergoing a sweeping $150 million luxury renovation. Additionally, the building is adjacent to Royal Palm Place and in walking distance to Mizner Park and the soon to be completed Brightline Station.
“Boca Raton has an abundance of luxury housing and is known for its highly rated schools. Having said that, the city needs additional modern, high-quality Class A office buildings,” added Partner Anuj Grover. “This purchase is a steppingstone in our commitment to this market. We want to be at the forefront of Boca’s resurgence, and to a greater extent, Palm Beach County. We are excited for the future.”
In addition to Bank of America, the Class A energy star certified building’s tenants include Charles Schwab and Waypoint Residential.
Originally built in 1970, the eight-story Bank of America Tower offers impressive city and ocean views, a grand lobby, on site management and building engineer, WiFi access in the lobby, a conferencing facility and free surface and covered garage parking with roving security.
In addition to Fort Lauderdale International and Palm Beach International airports, the Bank of America Tower is also near Boca Raton and Fort Lauderdale executive airports.
The Cushman & Wakefield Capital Markets team led by Dominic Montazemi, Scott O’Donnell and Mike Davis brokered the transaction. Jason Hochman and Ron Granite facilitated the financing through Wells Fargo Bank.
For more information on Grover Corlew, visit grovercorlew.com.
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.