Developer Acquires Boca Raton, Florida, Office Property

CoStar News

By Joshua S. Andino

January 2, 2024

Meyers Accesso Purchases the Atrium at Broken Sound

Mixed-use developer Meyers Accesso has acquired the Atrium at Broken Sound, a nearly 100,000-square-foot office building.

Located at 6111 Broken Sound Parkway NW, the property lies within the 700-acre mixed-use The Park at Broken Sound development, which offers both commercial and residential spaces. The property traded for $25 million, up from the $21 million when last traded in 2018, according to CoStar data.

Ariel Bentata, co-chairman and co-CEO of Meyers Accesso, noted in the release that there was continued demand for “walkable office and mixed-use communities that offer an all-inclusive experience” where residents and workers can live, work and play.

The Atrium at Broken Sound comprises three stories overlooking The Old Course, the Broken Sound Club’s golf course and country club that was the former home to the PGA Tour Champions season opener for 15 consecutive years. The building sits on just over 10 acres and has undergone capital improvements that include renovations to its lobby, conference rooms and common areas, as well as its windows and generators. Meyers Accesso has plans to further improve the property, which also provides easy access to Interstate 95 just under a mile further east.

The property is 74% occupied. Major tenants include law firm Sachs Sax Caplan, managed care service provider Genex Services, office technology provider TGI Office Automation and retailer Marshalls. Asking rents at the Atrium hover at about $24.50 per square foot, compared to the $40 to $70 rents demanded by newer, higher quality offices in the area.

Florida continues to see high in-migration from the rest of the country, adding 365,205 residents, a growth rate of 1.6% over the course of 2023, according to recently released U.S. Census estimates. Boca Raton’s population hovers at about 100,000 residents.