Institutional Property Advisors Brokers Sale of Class A Office Property in Boca Raton
April 27, 2026
BOCA RATON, Fla., April 27, 2026 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) dedicated to serving the company’s institutional clients, announced today the sale of Bank of America Plaza, a 59,667-square-foot Class A office property in Boca Raton, Florida. The asset sold for $26,150,000, or $438 per square foot.
“Boca Raton continues to be one of the most sought-after office markets in South Florida for both tenants and investors, supported by its affluent demographics, highly educated workforce and exceptional quality of life,” said Douglas Mandel, IPA executive managing director investments. “We are seeing sustained tenant demand across both the Central Boca corridor and the central business district, which has translated into some of the strongest and most stable rental rate performance in the region.” Mandel, along with Zach Levine and Cody Hershey of Marcus & Millichap represented the seller, Berta Management of Florida, and procured the buyer, a joint venture partnership between PEBB Enterprises and Butters Development & Construction.
“This sale underscores the continued flight to quality within the office sector,” Mandel added. “Well-located, institutionally built assets with recognizable tenancy are commanding outsized interest, particularly in supply-constrained submarkets like Central Boca where barriers to new development remain high.”
The property is situated along Glades Road, a primary east-west corridor that provides direct access to Interstate 95, Florida’s Turnpike and Military Trail. Florida Atlantic University, Town Center at Boca Raton and the Boca Raton Brightline station are nearby.
“Bank of America Plaza offered investors a compelling combination of in-place income and mark-to-market opportunity,” Mandel continued. “We were able to generate meaningful competition and execute a transaction that reflects both the strength of the Boca Raton office market and the depth of capital actively targeting these types of opportunities.”
The property spans 4.7 acres and is anchored by Bank of America, with additional tenancy comprised of financial, legal, and professional services firms. At the time of sale, the building was 75% occupied.
“Boca Raton continues to be one of the most sought-after office markets in South Florida for both tenants and investors, supported by its affluent demographics, highly educated workforce and exceptional quality of life,” said Douglas Mandel, IPA executive managing director investments. “We are seeing sustained tenant demand across both the Central Boca corridor and the central business district, which has translated into some of the strongest and most stable rental rate performance in the region.” Mandel, along with Zach Levine and Cody Hershey of Marcus & Millichap represented the seller, Berta Management of Florida, and procured the buyer, a joint venture partnership between PEBB Enterprises and Butters Development & Construction.
“This sale underscores the continued flight to quality within the office sector,” Mandel added. “Well-located, institutionally built assets with recognizable tenancy are commanding outsized interest, particularly in supply-constrained submarkets like Central Boca where barriers to new development remain high.”
The property is situated along Glades Road, a primary east-west corridor that provides direct access to Interstate 95, Florida’s Turnpike and Military Trail. Florida Atlantic University, Town Center at Boca Raton and the Boca Raton Brightline station are nearby.
“Bank of America Plaza offered investors a compelling combination of in-place income and mark-to-market opportunity,” Mandel continued. “We were able to generate meaningful competition and execute a transaction that reflects both the strength of the Boca Raton office market and the depth of capital actively targeting these types of opportunities.”
The property spans 4.7 acres and is anchored by Bank of America, with additional tenancy comprised of financial, legal, and professional services firms. At the time of sale, the building was 75% occupied.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.