Office building sold to public REIT for $36M

December 16, 2015

Dec 14, 2015, 4:50pm EST

The Bank of America Tower in downtown Boca Raton sold for $35.75 million

HFF’s Hermen Rodriguez, Ike Ojala and Jorge Portela represented seller Clarion Partners, through affiliate 150 East Palmetto LLC, in the deal. The buyer was Dividend Capital Diversified Property Fund, a public REIT.

The property totals 109,553 square feet of leasable space and 330 parking spaces at 150 E. Palmetto Park Road. The price equates to $326 per square foot.

It was built on the 1.65-acre site in 1969. The property last traded for $34.2 million in 2005, so it didn’t gain much value in the past decade.

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December 2015
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