Boca Raton office building sells for $25 million

South Florida Business Journal
By Erik Bojnansky
December 29, 2023

A pair of real estate investment firms just sold a renovated office building in Boca Raton for $25 million.

New York-based Alchemy-ABR Investment Partners and Miami-based Breakers Capital Partners closed on the off-market, multimillion dollar deal to sell The Atrium at Broken Sound at 6111 Broken Sound Parkway NW on Dec. 28, a release from the investment firms stated.

The buyer is Meyers Accesso, a joint venture consisting of Aventura-based Meyers Group and Hallandale Beach-based Accesso Partners.

The approximately three-story, 100,000-square-foot office was built on an 8.02-acre lot in 1986. Alchemy-ABR and Breakers acquired The Atrium at Broken Sound for $21.4 million in 2018. They then upgraded the building’s facade, common areas, stairwells, elevators, skylights, and HVAC systems as well as add a conference facility, the developers stated.

About 74% occupied, Atrium’s current tenants include the law firm of Sachs Sax Caplan, office technology provider TGI Office Automation, and small business credit provider Crossroads Financial LLC, and department store corporation TJX Companies Inc. (NYSE: TJX).

Available space at The Atrium at Broken Sound is listed on LoopNet.com for $24.50 per square foot, not including utilities, property taxes, or services.

Besides the roster of tenants and renovations, Meyers Accesso was attracted by the building’s location. It offers views of The Old Course at Broken Sound Club, which hosted a PGA Tour Champions golf tournament for 15 consecutive years, and it’s in the midst of The Park at Broken Sound, a 700-acre commercial and residential hub, a Meyers Accesso release stated.

“As workers across the country continue to see walkable office and mixed-use communities that offer an all-inclusive experience where they can live, work, and play, this property can accommodate companies from a wide variety of industries. We believe the property has enormous potential,” stated Ariel Bentata, co-CEO of Meyers Accesso.

South Florida’s office market prospered since the pandemic as out-of-state and local companies sought quality workspace that would entice employees to return to the office, and impress potential clients. Although there are signs that the office market has slowed in recent months, brokers and developers say that renovated and new Class A office remains in high demand.

Besides amenities, financial institutions also prefer to fund office deals where residential and retail is nearby