Avison Young To Lease Boca Boutique Office Building

Avison Young has been selected as the exclusive leasing agent for the BankUnited Building, a 27,157 square foot boutique office building located at 5295 Town Center Road within the financial district of Boca Raton.
In line with the trend of investors acquiring properties as the Palm Beach office market shifts to the favor of landlords, new ownership, 5295 Town Center Associates, an entity of commercial real estate investor David Novoseller, is implementing an extensive renovation plan at the building to further attract professional and medical tenants.
 

“The most active industries in the Palm Beach office market, particularly in Boca Raton, include financial services, health and technology,” said Gary Gottlieb, Principal with Avison Young’s Boca Raton operations, whom with Jonathan Senn, Associate with Avison Young, will lead the leasing and marketing initiatives of the BankUnited Building. “We are confident that our in-depth expertise of the market and the target tenant base coupled with the ownership’s hands-on approach to exceeding tenant expectations will result in the successful lease-up of the property.”

Avison Young’s leasing and marketing strategy will coincide with the completion of the capital improvements at the BankUnited Building. The upgrades will include the installation of rich Columbian walnut wall panels and imported high-end flooring throughout the two-story lobby and common areas as well as new tenant entry doors, HVAC and signage.
 

“Boca Raton accounted for 72 percent of Palm Beach County’s total net absorption in 2014, and the robust leasing activity in the market is causing the demand for both office leasing and investment to become even steeper in 2015,” added Gottlieb. “Over the past 18 months, Palm Beach office properties – regardless of vacancies – have been changing hands at a more rapid rate. As such, investors have been taking on more risk with the expectation that value-add improvements will allow for increased rents, and the economic factors including an improving job market will continue to decrease vacancy.”

Located on the corner of Town Center Road and Military Trail, the BankUnited Building offers tenants convenient access to Boca Raton’s professional core.
 

 

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