Boca Raton's commercial office scene continues to heat up as four prominent law firms secure prime office spaces in two of the city’s top office buildings. Thanks to these deals, the properties, both owned by private equity real estate firm PEBB Enterprises, are now more than 90% leased.
Let’s dive into the details and what this means for Boca’s booming office market.
Eighteen Zero One Reaches 94% Leasing Capacity
Eighteen Zero One, a sleek three-story office building at 1801 N. Military Trail, is now 94% leased after welcoming two law firms to its tenant roster. The building, which PEBB Enterprises purchased for $18.35 million back in June 2021, secured deals with both DarrowEverett and Hersh Kirtman.
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DarrowEverett, a New York-based business law firm, expanded its South Florida presence by leasing 2,866 square feet in Eighteen Zero One. They also have a downtown Miami location.
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Hersh Kirtman, a local Boca Raton personal injury and medical malpractice firm, is moving into a 2,296-square-foot office, relocating from the Yamato Office Center.
With these deals finalized, Eighteen Zero One is positioned as a hub for high-end legal and financial professionals. And it’s not just about the square footage—tenants enjoy a modernized space, upgraded by PEBB Enterprises, with both covered and surface parking for added convenience.
Boca Corporate Plaza Nears Full Occupancy
At Boca Corporate Plaza (7900 Glades Road), two more law firms secured space, pushing the building’s occupancy rate to 91%.
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Kogan & DiSalvo, a personal injury firm with 10 branches across Florida, is relocating its headquarters from Boynton Beach into a larger 4,707-square-foot space. The firm has been a long-term tenant of Boca Corporate Plaza since 1995, and this move reflects their growing presence in the region.
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Troy Legal, specializing in family law, signed on for 1,725 square feet, moving from their current location on Military Trail.
With construction expected to wrap by Q4 of 2024, these law firms are soon to enjoy brand-new, tailor-made spaces in one of Boca’s premier office buildings.
Boca Raton’s Office Market: Thriving Post-Pandemic
The office market in Boca Raton has seen a resurgence since the pandemic, fueled by the influx of high-income households into the area. Demand for office space has skyrocketed, with leases jumping from under 175,000 square feet annually pre-pandemic to over 525,000 square feet by 2023.
According to Adam Starr, PEBB’s VP of leasing, law firms have played a significant role in this uptick, with more firms moving into or expanding their operations in South Florida to meet increased demand for their services.
Why Boca is Attracting Law Firms and More
Boca Raton’s appeal goes beyond its sunny weather. It’s become a prime spot for companies, particularly in the legal sector, due to its mix of luxury living, proximity to other major Florida cities, and a thriving local economy. Law firms, in particular, are seeing the value in setting up shop in Boca Raton, and PEBB Enterprises is capitalizing on this momentum by renovating and modernizing its office spaces.
Both Eighteen Zero One and Boca Corporate Plaza are situated near popular restaurants, shopping centers, and hotels, making them ideal for professionals seeking convenience and accessibility.
A Glimpse Into the Future of Boca’s Commercial Spaces
PEBB Enterprises isn’t stopping with these two buildings. They’re also spearheading the redevelopment of the 29-acre Office Depot campus at 6600 N. Military Trail into a mixed-use community with 500 apartments, a massive gym, retail spaces, and renovated office space. Boca Raton is clearly evolving into a modern business hub.
With prime office spaces getting snatched up and continued development in the works, Boca Raton’s real estate market is clearly on the rise, offering exciting opportunities for businesses looking to establish or expand their presence in South Florida.
If you’re a real estate agent or investor, it’s time to keep a close eye on Boca Raton’s office market—it’s booming, and it’s not slowing down anytime soon.
For all your South Florida real estate needs, reach out to the Mastropieri Group to find the ideal home for you. Contact us today at 561-544-7000 to discuss how we can assist you in achieving your real estate goals. Whether you’re buying, selling, or looking for investment opportunities, our team is ready to offer expert advice and support to help you navigate the dynamic South Florida real estate market. Let us put our expertise to work for you and turn your real estate ambitions into reality
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