621 NW 53rd St, Boca Raton, FL, 33487-8235, US

One Park Place

Attributes

Year built

1985

Year renovated

1990

Building area net

22,049 sm

Land area net

2.63 ha

Floors

Parking spaces

854

Occupancy

40%

WALT

3.6 years

Asset description

JLL is pleased to exclusively offer for sale One Park Place (the “Property”), a 7-story, 237,331 SF office tower located in The Park at Broken Sound, Boca Raton’s premier, master-planned, live, work, play community. The Property, which is currently 40% leased, offers tremendous visibility on the I-95 corridor (270,000 VPD) and, as a result, the most recognizable office building signage in Boca Raton. One Park Place’s direct access to the interstate and location across from the Boca Raton Tri-Rail Station offers convenient connectivity throughout the Tri-County area, home to more than 6.5 million people. Additionally, the Property sits directly adjacent to an Embassy Suites by Hilton and offers structured parking (3.71/1,000 SF), a shaded courtyard dining area, and unique wrap around balconies. With 18.5% mark-to-market on existing leases and the rare chance to lease up a 40% occupied asset in the thriving Boca Raton market, One Park Place provides investors with a highly coveted, true value-add investment opportunity and the chance to realize outsized returns.

...

Investment highlights

Premier office asset with the best expressway visibility and signage opportunity in Boca Raton (270,000 vehicles per day)
Offering highly coveted large block availabilities, including entirety of the top two floors
Direct access to I-95, South Florida’s primary arterial north-south highway and adjacent to the Boca Raton Tri-Rail Station
Located in the Park at Broken Sound, minutes from downtown Boca Raton and Florida Atlantic University
Significant lease-up of 40% occupied property and 18.5% mark-to-market opportunity on existing leases
Strong submarket performance metrics suggest future rental rate and occupancy growth
Offered at a steep discount to replacement cost