Boca Raton Research Park Sells to JV With Improvement Plans
By Mark Hallum May 3, 2022 6:14 pm
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PEBB Enterprises and its joint venture partner Banyan Development paid $37.5 million for the long-term ground lease at the Research Park at Florida Atlantic University (FAU) in Boca Raton, Fla.
The JV plans to build upon the research and development park, which houses seven office buildings spanning 308,305 square feet and is currently 65 percent leased. The developers will work with FAU to complement its existing programs, particularly in the health care fields, according to the Boca Raton-based PEBB Enterprises.
The properties, at 3600-3998 FAU Boulevard, were developed between 1998 and 2001. The seller is international sovereign wealth fund Boca R&D Finance, which shares the same address as New York-based Global Securitization Services. The landlord remains the Florida Atlantic Research and Development Authority, which governs the Research Park at FAU.
“This is a unique opportunity to own and operate prime office space adjacent to the FAU campus,” PEBB Enterprises CEO Ian Weiner said in a statement. “The portfolio’s immediate access to I-95 and the Boca Raton Airport make it extremely appealing to tenants.”
Avison Young’s Keith O’Donnell negotiated the deal on behalf of the seller. Greg Martin, Justin Cope and Lisa Blumer from the firm’s local offices will continue to oversee leasing at the research park, according to PEBB.
“It was clear to me who the perfect buyers for the Research Park at FAU would be from the start,” O’Donnell said in a statement. “PEBB and Banyan will bring a local, deep legacy experience to this incredible park.”
The terms of the leasehold sale were not disclosed.
“We will target best-in-class tenants that complement the strong existing roster and align with the Research Park at FAU’s and the university’s broader mission,” Jason Sher, principal at Banyan Development, said in a statement.
Current tenants at the site are Diowave Laser, Treatment Center and aerospace engineering firm Xeriant.
Mark Hallum can be reached at mhallum@commercialobserver.com.
