Originally acquired in 2021, the campus was repositioned through a multi-year strategy to concentrate tenancy, enhance the office assets and unlock a portion of the site for residential development, enabling two distinct paths for value creation.
CBRE, represented by Chris Lee and Sean Kelly, alongside Blanca Commercial Real Estate, represented by Chris Gallagher, Christina Stine Jolley, and Andres Del Corral facilitated the transaction on behalf of the seller. The property was bought by Galium Capital.
The office park last sold in 1996 for $15,875,000.
The 10-story building is considered one of the premier office properties in Boca Raton.
Cornerstone joined forces with Crocker Partners to acquire Esperanté in December 2013 for $71 million. CLICK ON THE HEADLINE FOR MORE
The building nearly doubled its value in just 3 years. CLICK ON THE HEADLINE FOR MORE
The property was purchased by RREEF Property Trust for $533 per square foot. CLICK ON THE HEADLINE FOR MORE