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120 East Palmetto Park Road...

CBRE Organizes Nine New Office Leases At 120 E. Palmetto In Boca Raton
LEASEDOffice

CBRE Organizes Nine New Office Leases At 120 E. Palmetto In Boca Raton

120 East Palmetto Park Road Boca Raton, Florida 33432, USA

Building Size

32,757 SF

Asset Type

Office

Closing

Aug 30, 2023

AI

The office building located at 120 East Palmetto Road in Boca Raton, Florida has recently undergone a $2 million renovation investment by its owner, Grover Corlew. With a total of 32,757 square feet available, the property now serves as the workplace for several tenants including BLSQ Management, Foundry Commercial, Forvis, Glazer Investments, Spectrum Communications, Falcon AI, Olson Research, Weiseman, Brodie, Starr & Margolies, and Gen II Fund Services.

Summary of transaction details

  • Property Type: Office
  • Transaction Amount: Not specified
  • Address: 120 East Palmetto Road, Boca Raton
  • Market: Boca Raton
  • Square Footage: 32,757

CBRE, represented by John Criddle, Joseph Freitas, and Max Pawk, facilitated the leasing process for the nine new office contracts. Additional brokerage representation was provided by Brady Titcomb from JLL, Gabe De Jesus from Foundry Commercial, Derek Baker and Lang Williams from Colliers, John Jaspert and Bill Iacovelli from CBRE, Jason Carros from Carros Commercial Realty, and Dyana Kenney from Penn Florida.

Players

John Criddle

CBRE

Broker

9 deals

Broker

Grover Corlew

Landlord

$191.2M

vol

8 deals

Landlord

Boca Raton Office Market Snapshot

Boundary boundary · Office · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93