Ivy Realty Snaps up Meridian Office Center in Boca Raton
- Dec 17, 2015
MIAMI—Ivy Realty purchased Meridian Office Center in a recent deal worth just shy of $27 million. CBRE represented the seller—a New York City-based investment advisor—in the disposition of the assets.
Located within the Park at Broken Sound at 6551-6601 Park of Commerce Blvd. in Boca Raton, Meridian Office Center is a 131,680-square-foot, two-building suburban office project. With 594 surface parking spaces, the property ranks among the submarket’s highest parking ratios at 4.5 per 1,000 square feet. The asset is currently 100 percent leased to two tenants, Cross Country Healthcare and LexisNexis.
Cross Country provides healthcare staffing and workforce solutions, serving public and private acute-care and non-acute care hospitals, government facilities, schools, outpatient clinics, ambulatory care facilities, and physician practice groups. The company occupies one two-story building constructed in 1998 and has had its headquarters at the property since 2003, with its lease now totaling 70,406 square feet. LexisNexis, which leases 61,274 square feet, occupies the other two-story building completed in 1999. The corporation is a provider of content-enabled workflow solutions designed for professionals in the legal, risk management, corporate, government, law enforcement, accounting, and academic markets. LexisNexis recently completed a $4.5 million capital improvement program, which included additional investments into a state-of-the-art data center.
Vice Chairman Christian Lee, First Vice President José Antonio Lobón, and Financial Analyst Marcos Minaya of the Miami Institutional Group handled the sale, while Senior Vice President Michael Erickson of CBRE Brokerage collaborated with Vice Chairman Charles Foschini, Senior Vice President Christopher Apone and Vice President Amy Julian of CBRE’s Debt & Structured Finance team in representing the seller and placing financing on behalf of the buyer.
Photo credit: CBRE