Security Company's Boca Raton HQ Sells For $42M
A 171K SF building in the Park at Broken Sound office park in Boca Raton has sold for $42M, Cushman & Wakefield announced Monday. The building serves as the global headquarters for its main tenant, security company ADT.
The buyers are Boca Raton-based PEBB Enterprises and Chicago-based Tortoise Properties. The seller was Philadelphia-based RAIT Financial Trust. The price worked out to $245 per SF.
The Class-A office building, located at 1501 Yamato Road, was developed in 1983 and renovated in 2011 before ADT took occupancy.
Senior Director Jason Hochman, of Cushman & Wakefield's Equity, Debt & Structured Finance Group, helped the buyers secure a $28.6M nonrecourse acquisition loan. The loan was with Bank United, and ADT has more than five years left on its lease, The Real Deal reports. ADT subleases 30K SF to United Physicians Management.
The 700-acre Park at Broken Sound is evolving as a live-work-play destination, as it has added 1,000-plus residential units, including a new luxury rental complex, Allure by Windosr, which traded hands last week for $92M.