In one of the top office transactions in Palm Beach County in recent years, a partnership led by Butters Group, has sold the Class A office building known as Boca Village Corporate Center, for $32.85 million to BVCC Corp. of Miami. The selling partnership also included real estate veterans Arthur Falcone and Ned Siegel.
Coconut Creek-based Butters Group developed the 105,000-square-foot, Silver LEED-certified building in 2008. The highly visible midrise sits along I-95 at Yamato Road and is the newest, large-scale office building in Boca Raton. “It was a difficult decision to sell this asset, but we felt that the price was compelling, ” said Malcolm Butters, president of Butters Group. “It was an opportunity for us to harvest some of our equity and redeploy the cash in other opportunities and ventures. “The property is regarded as one of the premier office assets in Boca Raton, according to CBRE Vice Chairman Christian Lee, who represented the Butters partnership in the sale along with Senior Vice President Scott O´Donnell, CBRE Vice Chairman Charles Foschini, and Vice President Christopher Apone.
Breaking down to $312 per square foot, the sale price marks the highest price paid for a major suburban office building in Palm Beach County since May 2007, when the 96,711-square-foot Wellington Reserve in Wellington sold for $372 per square foot.
“An asset of this quality merits this pricin “, Lee said. “This is a newly constructed, Class A building with 100 percent occupancy, no near-term rollover of leases, and an impeccable tenant roster.”
The 24-year-old Butters Group has developed and constructed more than 10 million square feet of commercial space in South Florida and currently manages and leases 3.2 million square feet across the region. Butters Group will retain leasing and management of the property, whose tenants include Morgan Stanley Smith Barney and Oppenheimer.
