Commercial Property Executive
By Scott Baltic
January 2, 2024
Meyers Accesso has acquired The Atrium at Broken Sound, an almost 100,000-square-foot, three-story Class A office property at 6111 Broken Sound Parkway N.W., in Boca Raton, Fla.
The property is within The Park at Broken Sound, a 700-acre mixed-use development that offers walkable proximity to numerous retail developments, residential communities and amenities.
The deal’s dollar value was not disclosed. CommercialEdge data indicates that the previous owner was Alchemy-ABR Investment Partners, of New York.
The Atrium at Broken Sound is sited on 10.4 acres and recently underwent capital improvements that included renovations to its lobby, conference rooms, common areas, windows and generators. Meyers Accesso plans on implementing further property improvements.
Completed in 1986, the office asset is 74 percent occupied. Major tenants include law firm Sachs Sax Caplan PL, managed care service provider Genex Services LLC, office technology provider TGI Office Automation LLC and retailer Marshalls of MA Inc.
The property offers convenient access to Interstate 95 as well as views of The Old Course golf course at Broken Sound Club, which was home to the PGA Tour Champions season opener for 15 straight years.
Meyers Accesso is a relatively “new” company, having been formed in 2022 by the merger of Meyers Group and Accesso. Under Ariel Bentata and Stuart Meyers, its co-chairmen and co-CEOs, the company focuses on mixed-use and residential properties.
Rents for both the Class A and Class B office space in South Florida have hit a plateau and “the vacancy rate has remained steady for the last few quarters despite absorption of new space showing a trending decline,” according to a third-quarter report from Lee & Associates.
In a market where tenant retention is the priority for many landlords, one of the biggest deals in the third quarter was Greenberg Traurig LLP’s renewal for their 128,450-square-foot space at the Wells Fargo Center in downtown Miami, where they have been since 2010.
This past August, flexible office provider Quest Workspaces leased 20,844 square feet of space at 1200 Corporate Place in Boca Raton, Fla. The full-floor lease essentially doubled Quest’s presence in the building. The landlord is Keystone, of Conshohocken, Pa.