Cushman & Wakefield has been named the exclusive leasing and sale agent for 5401 Broken Sound, a 66,905-square-foot office building located in Boca Raton.
Senior Director John K. Criddle, Associate Joseph J. Freitas and Senior Director Dominic Montazemi will represent building owner Roch Capital.
The three-story building, formerly known as Applied Corporate Center South, is located at 5401 Broken Sound Boulevard NW, on the 15th and 16th holes of The Old Course at Broken Sound. 5401 Broken Sound provides a full-building leasing opportunity, ideal for a corporate headquarters, as well as options to lease individual floorplates in excess of 20,000 square feet.
5401 Broken Sound is located within the Park at Broken Sound. Formerly Arvida Park of Commerce, The Park at Broken Sound is a 700-acre live-work-play community featuring 29 acres of waterways and 28 acres of green space. New construction in the community includes 1,050 multifamily units and a 65,000-square-foot retail project.
“This is a one-of-a-kind opportunity to lease a highly improved, free-standing office building located in Boca Raton,” said Criddle. “The property is ideal for a corporate headquarter user that wants to establish a true identity in Boca Raton with building and monument signage. 5401 Broken Sound offers one of the last large blocks of corporate office space on the Old Course at Broken Sound.”
According to Cushman & Wakefield Research, all economic and market indicators in the Palm Beach County Office market are positive.
“Demand for office space remained positive as the market absorbed 517,767 square feet of space during the first quarter of the year. Quality class A space continued to be the most desirable property, experiencing an overall vacancy of 15.0 percent. The actual vacancy was much lower as most of the available space has already been leased with tenants not expected to move in until late 2016 or early 2017,” wrote Senior Research Analyst Valerie Tatum in Cushman & Wakefield’s recently released 1Q 2016 Palm Beach County Office MarketBeat report. “Developers have proposed approximately 546,000 square feet of office and mixed-use space in the suburban submarkets of Palm Beach County but no new projects have been announced in the Downtown CBD. The imbalance between new supply and demand continued to drive rental rates higher in major submarkets.”
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