What A Difference An Owner Makes

Jan 13, 2011 No Comments by

In six months, Boca Corporate Plaza, located at 7900 Glades Road, has gone from 35% to 80% occupied.

PEBB Enterprises acquired the 90k SF office building for $8.5M on June 1, 2010.

It was rumored that previous owner Invesco had not properly maintained the property, resulting in occupance spiraling downward to 35%.  But with a capital improvement program and an aggressive leasing campaign, Jared Weiner of PEBB says they have secured 19 leases totaling 41,114 SF with an average base rental rate exceeding $17.50/SF in the past six months.

Jared says the success was the result of taking an institutionally owned building and putting it in the hands of a private owner.

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Industry News, NA, Office, Palm Beach County Office
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