By Timea Papp
Cushman & Wakefield arranged a new long-term lease at Boca Village Corporate Center, a Class A, 108,550-square-foot office building in Boca Raton, Fla. The CEO Group will occupy 24,914 square feet of space and is anticipated to move in at the beginning of 2018.
Located at 4855 Technology Drive, the building encompasses five stories of office space, hurricane-rated impact glass and three floors of covered and attached parking. It is one of the few Class A buildings in Palm Beach County with a fully redundant backup generator capable of powering the entire facility for one week. Butters Group, a Coconut Creek-based construction company, developed the LEED Silver-certified property in 2008.
The CEO Group specializes in the design, financing, development and operation of correctional, detention, and community reentry facilities. The company is in the process of constructing its new corporate headquarters on an adjacent site and will utilize Boca Village Corporate Center as additional space. The GEO Group is currently headquartered at One Park Place on NW 53rd Street in Boca Raton.
Nearing full occupancy
According to Yardi Matrix, a partnership between Butters Group and The Falcone Group sold the asset to AGS Properties Corp. in October 2011 for $32.9 million. AGS Properties Corp. named Cushman & Wakefield the exclusive leasing agent for Boca Village Corporate Center in May of this year. The property is 91.3 percent leased to notable tenants including Morgan Stanley, Oppenheimer and Gunster.
The team of Managing Director John Criddle and Senior Associate Joseph Freitas worked on behalf of the owner, while Jay Welchel, principal & founder of Whelchel Partners Real Estate Services, represented the tenant in the lease negotiations.
“Boca Village Corporate Center proved to be an exceptional location for The GEO Group as they await the completion of their new headquarters building,” said Criddle, in prepared remarks. “Boca Village Corporate Center’s proximity to the construction site and existing headquarters, less than one mile away, allow The GEO Group to maintain a sense of normalcy and efficiency during this period of transition and beyond.”
Situated in southeast Palm Beach County next to the Yamato Road interchange on Interstate 95, the location provides visibility from I-95, direct access to the Boca Raton Tri-Rail station and is a short drive from both Palm Beach and Fort Lauderdale airports.
Image courtesy of Yardi Matrix