By: Jessica Del Vecchio Economic Development Manager Special to the Delray and Boca newspapers
Boca by the Numbers:
Cushman and Wakefield’s quarterly report shows Boca Raton’s Class A commercial real estate market as the leading stand out in Palm Beach County for year-to-date leasing activity. With 13.3 percent vacancy rates, Boca has a reported YTD leasing activity totaling 364,866 square feet. The closest municipality to our activity, as far as leasing is concerned, is suburban West Palm Beach’s market, which has 17.9 percent vacancy rates and YTD leasing activity totaling 167,779 square feet.
Investing in Boca Raton
Last month, Butters Group paid $21 million for a three-building office complex on N.W. Corporate Blvd., marking their third acquisition in Boca within the past 10 months. These three acquisitions total 210,000 square feet of office space and equate to a $31.7 million investment. Having an experienced team like Butters investing in our City – upgrading, renovating and re-inventing our existing corporate inventory is crucial to allowing us to remain competitive when companies look to expand or relocate to the South Florida area. When asked about their recent investment activity, CEO Malcolm Butters said, “Boca Raton is the largest and most active office market in Palm Beach County.”
In June, we had another large investment take place in our City. TGM Associates, an SEC registered investment advisory firm focusing solely on the multi-family market, purchased TGM Oceana for $50,500,000. The four acre rental community is located on A1A, just north of Palmetto Park Road. Since closing on the investment, TGM has renovated the property, both inside and out. One of the most unique aspects of this property are the 10 Intracoastal boat slips that are available for rent by the residents and/or the general public.
We asked John Gochberg, Managing Principal and Chief Operating Officer for TGM Associates, what attracted them to our market and what type of opportunity did they think the investment would provide. He told us, “As a result of TGM’s renovations the property is poised to capitalize on the strong multi-family fundamentals of Boca Raton and greater Palm Beach County.”
MDVIP Corporate Headquarters
We recently met the MDVIP executive team and toured their incredible 50,000 square foot corporate headquarters. MDVIP is located in the Boca Raton Innovation Campus, which is the original IBM complex. To say their story is inspiring, is an understatement. MDVIP launched their startup in Boca, back in 2000 and today employ more than 280 employees. MDVIP has experienced 64 consecutive quarters of revenue growth and they’re the market leader in retainer-based medicine. With a national network of 900 primary care physicians, they serve more than a quarter million patients.
Have corporate news to share or looking to relocate/expand your company to Boca Raton? Contact the City’s economic development office at firstname.lastname@example.org or 561-393-7761. Want to see what we’re up to? Follow us on Facebook @BocaEconomicDevelopment.