ADT Inc.’s global headquarters has been sold to a team of property investors for $42 million.
The 171,489-square-foot space has a cafeteria, gym and skylit atrium. The property, located at 1501 Yamato Road, sits on 10 acres and has golf course views.
The Class A office building was developed in 1983. It was completely renovated in 2011 before ADT took occupancy. ADT is a leading provider of security and automation solutions for homes and businesses in the United States and Canada. ADT employs approximately 17,500 people in the United States and Canada.
Cushman & Wakefield negotiated the sale and financing of the building. The Cushman & Wakefield Capital Markets team of Scott O’Donnell, Dominic Montazemi, Mike Davis, Greg Miller, Rick Brugge and Michael Lerner negotiated the sale on behalf of Philadelphia-based RAIT Financial Trust.
In a joint venture partnership, Boca Raton-based PEBB Enterprises and Chicago-based Tortoise Properties, LLC acquired the asset. The total cost was $42.05 million ($245 per square foot).
“The PEBB/Tortoise partnership makes for the perfect buyer given PEBB’s understanding of the North Boca Raton market and in-house leasing and management capabilities along with Tortoise’s deep investment expertise and capital,” O’Donnell said.
Jason Hochman of Cushman & Wakefield’s Equity, Debt & Structured Finance Group assisted the PEBB/Tortoise team in securing a $28.6 million, non-recourse acquisition loan with a low interest rate and flexible prepayment terms.
The building is located within The Park at Broken Sound, a 700-acre, mixed-use park.
“With over 1,300 multi-family residential units and a new retail center, The Park at Broken Sound is transforming into a live-work-play destination,” said O’Donnell. “This new development at The Park at Broken Sound will enhance the value of the property over time.”