Grover Corlew Purchases Downtown Boca Raton Office Tower In Off-Market Deal
The real estate investment management group purchased the 109,497-square-foot building for $44.6 million.
The real estate investment management group purchased the 109,497-square-foot building for $44.6 million.
The 10-story building is considered one of the premier office properties in Boca Raton.
The 18-story tower was repositioned from a Class B to a Class A asset and is currently 61% leased.
Plans for the parking lot include a 12-story, 100,000 square foot Class “A” office tower on top of structured parking.
Avison Young’s Florida Capital Markets Group negotiated the sales.
Transwestern Senior Managing Directors John Bell and Kevin Markwordt arranged the disposition on behalf of the undisclosed seller.
Richard was a fixture in the commercial real estate world in Broward and Palm Beach Counties, forever networking and enjoying countless industry events.
JLL worked on behalf of the borrower, Sterling Organization, to secure the five-year, fixed-rate loan.
ShareMD paid $6.45 million in the off-market deal that closed May 21.
The price equated to $577 per square foot.
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