Butters, PEBB Enterprises and Konsker Development Partner on 120,000-SF One Midtown Office Project in Boca Raton

Three South Florida real estate firms — Butters Construction & Development, Inc., PEBB Enterprises and Konsker Development — have announced a joint venture to develop One Midtown, a Class A office project in Boca Raton's Midtown district. The development will deliver more than 120,000 square feet of office space and over 11,000 square feet of ground-floor retail, with the partnership reporting the project is already approximately 35% pre-leased.

Project Details and Design

One Midtown is planned for the Midtown Boca submarket. The building is designed to accommodate what the partners describe as evolving workplace needs, featuring efficient floor plates, high-end finishes and street-level retail intended to enhance walkability in the surrounding neighborhood.

The project is being positioned as a centrally accessible alternative to urban core office markets, with the partners citing proximity to regional connections to Fort Lauderdale and West Palm Beach.

The Joint Venture Partners

Butters Construction & Development, Inc. brings a 36-year track record to the partnership, having built more than 28 million square feet of commercial real estate valued at over $5 billion. The Boca Raton-based firm's prior local projects include Boca Village, Boca Ice and Boca Logistics Park.

PEBB Enterprises, also headquartered in Boca Raton, is an active commercial real estate investment and development firm that has completed more than 5 million square feet of transactions representing more than $3 billion in value over the past decade. PEBB is currently partnering with BH Group on The Eclipse, a redevelopment of the former Office Depot headquarters in Boca Raton, and owns several additional office assets in the city.

Konsker Development rounds out the three-firm joint venture. No additional background on Konsker Development was disclosed in the announcement.

"Boca Raton has been our home for decades, and we believe strongly in its future as a premier office market," said Malcolm Butters, President and Co-Founder of Butters Construction & Development, Inc. "One Midtown reflects the reemergence we are seeing in office real estate across Palm Beach County and pent-up demand for new Class A office space in the city."

Leasing Activity and Market Positioning

Butters and PEBB Enterprises report they are already in active negotiations with prospective office tenants. Christina Jolley, Kevin Carrasco, Tere Blanca and Danet Linares of Blanca Commercial Real Estate are serving as the office leasing representatives for One Midtown. Zach Feldman of PEBB is overseeing retail leasing on the venture's behalf.

Ian Weiner, CEO of PEBB Enterprises, framed the project's competitive positioning against South Florida's higher-cost urban markets. "One Midtown is simply the best office location in the city," Weiner said. "It offers the same quality, connectivity and amenities companies are seeking in West Palm Beach or Miami, but at a far more compelling value. New office leases in those urban core markets are reaching $150 per square foot triple-net, while Boca provides comparable product at substantially discounted rents."

The announcement comes as office leasing activity is gaining momentum throughout Palm Beach County, according to the partners. The Aletto, a separate new office project in East Boca Raton, is currently 70% pre-leased, a figure the joint venture cited as evidence of demand for new, well-located office inventory in the submarket.

Market Context

One Midtown's pre-leasing figure of approximately 35% ahead of delivery, combined with the reported leasing momentum at comparable new projects in the area, reflects what the joint venture describes as pent-up demand for modern office product in the submarket.

PEBB Enterprises' concurrent involvement in The Eclipse redevelopment underscores the firm's broader strategy of reshaping Boca Raton's office inventory through both repositioning and new construction. One Midtown represents the new-construction end of that approach, with Butters providing construction and development execution and Konsker Development contributing as a partner in the venture.