Apex Capital Buys NYU-Leased Office in Boynton Beach for $37M

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Apex Capital paid $37.25 million for a Boynton Beach, Fla., office building leased by a New York University affiliate, Commercial Observer has learned. 

Only a mile from I-95, the 3301 Quantum building sits within the Quantum Corporate Park. The sellers — a partnership between Fox Ridge Capital and private investors Joshua Schrager and Daniel Schwartz — purchased the 100,000-square-foot property for $5.1 million in 2017 when it was a distressed asset, property records show. 

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The two-story structure is fully leased to NYU Grossman School of Medicine, a division of the NYU Langone Health System. Nine hundred employees will occupy the space by 2022, which the health care group will use for its back-office operations, including billing, scheduling and telemedicine services. Beyond the Boynton Beach office, the New York-based health care provider has two locations in South Florida, where it offers general medical care to patients. 

“The property underwent a complete renovation that, coupled with the credit quality of NYU, made this a prime office acquisition,” said JLL’s Matthew McCormack, who represented the sellers and announced the sale. Elevators, HVAC systems, restrooms, common areas and roofing were all modernized.  

Headquartered in Philadelphia, Apex Capital is a real estate investment firm led by John Gaghan. Its portfolio features an array of different real estate assets that include office buildings, hotels, warehouses, retail and office space. The firm represented itself on the transaction. 

JLL’s Hermen Rodriguez, Ike Ojala, and Max Lescano also worked on behalf of the sellers. 

Julia Echikson can be reached at jechikson@commercialobserver.com.