For Sale
Call for price

621 53Rd StBoca Raton, FL 33487

High-vacancy, value-add office building in Boca Raton.

Overview

Added:
Dec 11, 2024
Days on market:
114
This Class A, seven-story office tower, One Park Place, offers 237,331 rentable square feet in Boca Raton's premier Park at Broken Sound community. Built in 1985 and renovated in 1990, the property boasts a 40% occupancy rate with significant upside potential. Located on 6.5 acres, it features 875 structured parking spaces (3.71/1,000 SF), a shaded courtyard, and unique wrap-around balconies. Its prime location on the I-95 corridor (270,000 vehicles per day) provides exceptional visibility and signage opportunities, potentially generating substantial additional revenue. The building's proximity to the Boca Raton Tri-Rail station ensures convenient access for employees and tenants throughout the Tri-County area. The existing leases offer an 18.5% mark-to-market opportunity, presenting a compelling value-add investment prospect. The upper two vacant floors present a unique chance to create a headquarters location with private elevator access, potential for extensive signage, and space for amenities like training rooms and a fitness center. This property represents a rare opportunity to acquire a significantly under-leased asset in a thriving market, allowing for substantial returns on investment. There is no ground lease on this property.

Highlights

  • Rare value-add opportunity: 40% leased Class A office building in Boca Raton's desirable Park at Broken Sound.
  • Significant rental upside: 18.5% mark-to-market opportunity on existing leases.
  • Ideal headquarters location: Two vacant upper floors offer private elevator access, signage potential, and amenity space.
  • High-visibility signage potential: I-95 frontage (270,000 VPD) offers substantial revenue generation.
  • Extensive structured parking: 6.5-acre site with 875 spaces (3.71/1,000 SF).

Property Details for 621 53Rd St

Property type
Office properties, Office space
Class
A
Year Built/Renovated
1985/1990
Buildings
1
Stories
7
Lot Size (sq. ft)
283,140 SF

Location Insight

City
Boca Raton
County
Palm Beach
State
Florida
Latitude
26.39675479023
Longitude
-80.095555497521
621 53Rd St, Boca Raton, Florida

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621 53Rd St
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