Institutional Property Advisors Brokers $26.15M Office Real Estate Sale of Bank of America Plaza in Boca Raton

BOCA RATON, Fla. — Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) dedicated to serving institutional clients, has brokered the $26.15 million sale of Bank of America Plaza, a 59,667-square-foot Class A office property in Boca Raton, Florida, the firm announced April 27, 2026. The asset sold at $438 per square foot.

Deal Details: Office Property Sale in South Florida

The buyer, a joint venture partnership between PEBB Enterprises and Butters Development & Construction, acquired the asset from seller Berta Management of Florida. IPA's Douglas Mandel, executive managing director investments, along with Zach Levine and Cody Hershey of Marcus & Millichap, represented the seller and procured the buyer.

Bank of America Plaza spans 4.7 acres along Glades Road, a primary east-west corridor in Boca Raton providing direct access to Interstate 95, Florida's Turnpike, and Military Trail. The property is situated near Florida Atlantic University, Town Center at Boca Raton, and the Boca Raton Brightline station. At the time of sale, the building was 75% occupied, anchored by Bank of America with additional tenancy from financial, legal, and professional services firms.

"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 Mandel. "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."

Flight to Quality in the Office Sector

"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."

"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."

Boca Raton Office Market Context

The Central Boca submarket, where Bank of America Plaza is located, has demonstrated relative stability compared to broader national office trends, according to IPA. High barriers to new development in the corridor have limited supply additions, supporting rental rate performance. The submarket's connectivity — via I-95, Florida's Turnpike, and proximity to the Brightline station — adds to its appeal for tenants and investors, the firm noted.

About Institutional Property Advisors

Institutional Property Advisors is a division of Marcus & Millichap focused on institutional clients. The division combines real estate investment and capital markets expertise with research capabilities to provide advisory services for the acquisition, disposition, and financing of institutional properties and portfolios.