Boca Office Portfolio Trades For $64M

JLL Capital Markets has completed the $64 million sale of North 40, a 354,376-square-foot office portfolio in Boca Raton.

JLL represented the sellers, Mainstreet Capital Partners and Partners Group, a leading global private markets firm, acting on behalf of its clients, in the sale of the assets.

North 40 comprises two office buildings totaling 354,376 square feet across 23.1 acres. Originally delivered between 1983 and 1985, part of the properties underwent comprehensive renovations between 2014 and 2018, with additional capital improvements completed in 2024-2025, including a new tenant amenity center featuring shared kitchen, bar, seating areas, conference rooms and fitness center. The portfolio is currently 74% occupied.

North 40 features exceptional connectivity, positioned less than half a mile from Interstate 95 and the Tri-Rail commuter train station. The properties are strategically located at the intersection of Congress Ave and Yamato Road in the Park at Broken Sound, Boca Raton’s premier “live-work-play” address.

JLL’s Capital Markets Investment Sales and Advisory team representing the sellers was led by Hermen Rodriguez, Matt McCormack and Ike Ojala. Patrick Salata, Blake Koletic and Hunter Smith supported the transaction.

“This transaction demonstrates the continued appetite from institutional investors for well-located office assets in South Florida’s highest-quality submarkets,” said Rodriguez. “The offer reflected both the quality of the assets and the development optionality the site provides.”

 

“By bringing this property back under shared ownership with BRiC, this milestone transaction further provides the opportunity to help shape what will be one of the most dynamic and transformative chapters in Boca Raton and Palm Beach County history,” said McCormack.

 

“We quickly recognized the strategic potential of this site and added value during our hold through improving amenities and modernizing spaces. This successful sale comes as we continue to refocus our direct investing activities on sectors such as industrials and residential, where we see attractive opportunities in the current market,” said Henrik Orrbeck, Global Co-Head of Real Estate at Partners Group.

Key Facts

• Property: North 40
• Location: Congress Avenue and Yamato Road, within the Park at Broken Sound in Boca Raton
• Asset Type: Office portfolio
• Transaction Type: Sale
• Sellers: Mainstreet Capital Partners and Partners Group, acting on behalf of its clients
• Size: Two buildings totaling 354,376 SF on 23.1 acres
• Price: $64 million
• Occupancy: 74%
• Brokers: JLL’s Hermen Rodriguez, Matt McCormack and Ike Ojala represented the sellers, supported by Patrick Salata, Blake Koletic and Hunter Smith
• Other Notable Details: Built between 1983 and 1985; improvements completed in 2024–2025 included a new tenant amenity center.