Map pin621 NW 53rd St, Boca Raton, FL, 33487-8235, US

One Park Place

One Park Place_Property for Sale

Attributes

Year built
1985
Year renovated
1990
Building area net
237,331 sf
Land area net
6.5 acres
Number of floors
7
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.

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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
One Park Place 4_Property for Sale
One Park Place 4_Property for Sale
One Park Place (0 Properties)

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Last updated
25 Jul 2024