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Bank of America Tower in Boca Raton Nets $44.6 Million in Sale

The 109,497-square-foot Bank of America Tower in downtown Boca Raton was recently purchased by Grover Corlew, a real estate investment management group that plans to renovate and transform the property. The $44.6 million sale was an off-market transaction brokered by the Cushman & Wakefield Capital Markets team led by Dominic Montazemi, Scott O’Donnell and Mike Davis. Grover Corlew plans to reinvest in the signature building to help revitalize the area.

“The fact that we put this off-market deal together is a testament to our team’s aggressiveness, persistence and vision,” says Grover Corlew partner Mark Corlew. “This is an exciting time for Boca Raton and all of Palm Beach County with the influx of companies that are moving to our area. We believe there is an unmet demand in Boca Raton for modern, Class A office space supported by abundant amenities. We are entirely reimagining this property and plan to invest significant capital that will take advantage of its bullseye location and expansive Palmetto Park Road frontage.”

Located at the intersection of East Palmetto Park Road and SE Mizner Boulevard, the building’s central business district location gives it close proximately to the upscale restaurants, entertainment, shopping and lifestyle venues the area is known for. It is also near Boca Raton Resort & Club, which is undergoing renovation. The eight-story Bank of America Tower was built in 1970 and provides city and ocean views. Other features include a grand lobby, a conferencing facility and free surface and covered garage parking.

“Boca Raton has an abundance of luxury housing and is known for its highly rated schools. Having said that, the city needs additional modern, high-quality Class A office buildings,” says Grover Corlew partner Anuj Grover. “This purchase is a steppingstone in our commitment to this market. We want to be at the forefront of Boca’s resurgence, and to a greater extent, Palm Beach County. We are excited for the future.”

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Drew Limsky

Drew Limsky

Editor-in-Chief

BIOGRAPHY

Drew Limsky joined Lifestyle Media Group in August 2020 as Editor-in-Chief of South Florida Business & Wealth. His first issue of SFBW, October 2020, heralded a reimagined structure, with new content categories and a slew of fresh visual themes. “As sort of a cross between Forbes and Robb Report, with a dash of GQ and Vogue,” Limsky says, “SFBW reflects South Florida’s increasingly sophisticated and dynamic business and cultural landscape.”

Limsky, an avid traveler, swimmer and film buff who holds a law degree and Ph.D. from New York University, likes to say, “I’m a doctor, but I can’t operate—except on your brand.” He wrote his dissertation on the nonfiction work of Joan Didion. Prior to that, Limsky received his B.A. in English, summa cum laude, from Emory University and earned his M.A. in literature at American University in connection with a Masters Scholar Award fellowship.

Limsky came to SFBW at the apex of a storied career in journalism and publishing that includes six previous lead editorial roles, including for some of the world’s best-known brands. He served as global editor-in-chief of Lexus magazine, founding editor-in-chief of custom lifestyle magazines for Cadillac and Holland America Line, and was the founding editor-in-chief of Modern Luxury Interiors South Florida. He also was the executive editor for B2B magazines for Acura and Honda Financial Services, and he served as travel editor for Conde Nast. Magazines under Limsky’s editorship have garnered more than 75 industry awards.

He has also written for many of the country’s top newspapers and magazines, including The New York Times, Washington Post, Los Angeles Times, Miami Herald, Boston Globe, USA Today, Worth, Robb Report, Afar, Time Out New York, National Geographic Traveler, Men’s Journal, Ritz-Carlton, Elite Traveler, Florida Design, Metropolis and Architectural Digest Mexico. His other clients have included Four Seasons, Acqualina Resort & Residences, Yahoo!, American Airlines, Wynn, Douglas Elliman and Corcoran. As an adjunct assistant professor, Limsky has taught journalism, film and creative writing at the City University of New York, Pace University, American University and other colleges.