Refinancing with City National Bank of Florida follows campus revitalization
Grover Corlew, a leading real estate investment management group focused on acquiring, transforming and managing office, multifamily and retail properties across the southeastern U.S., has completed a $47.5 million refinancing of the company’s fully redeveloped Palmetto Central office campus in Boca Raton. The financing was provided by City National Bank of Florida and is a significant milestone for the company following the successful transformation of the two-building, 170,000-sq.-ft. campus at 1489 and 1499 West Palmetto Park Road.
“Securing financing in today’s challenging office lending environment doesn’t come without challenges,” said Mark Corlew, Partner at Grover Corlew. “City National Bank of Florida was aligned with our vision and worked with us to get this deal done. We value strong, long-term relationships with financial partners who recognize the quality of our projects and our ability to execute.”
Both properties were reimagined with over $60 million invested that incorporates contemporary architecture, high-end finishes and leading-edge amenities. 1489 Palmetto Central, now home to UHealth Boca Raton and Venture X, among other prominent companies, features custom-built office suites, expansive patio areas, floor-to-ceiling hurricane impact windows, fully renovated common areas and a striking tiered water feature at the main entrance.
1499 Palmetto Central office building was renovated in 2018. The 88,000-sq.-ft. building features a sleek, modernized lobby, upgraded restrooms and common areas and improved elevator and mechanical systems. Notable tenants include Hair Club, Gilbane Building Company and Texas Instruments. Grover Corlew’s state-of-the-art headquarters are also located on-site.
“We’re proud to have transformed Palmetto Central into a vibrant, Class A office destination,” said Anuj Grover, Partner at Grover Corlew. “Boca Raton is an exceptional place to live and work, and businesses clearly see the value of this location. The property is accessibility to I-95 and Brightline, is modern in design, and tenants have on-site management. With 1499 at 91% occupancy and 1489 already at 80%, it’s clear the campus is meeting the market’s demand for high-quality office space.”
Palmetto Central’s location, immediately east of I-95, also offers easy access to Boca Raton’s thriving business, academic and residential hubs including Town Center at Boca Raton, Mizner Park, Florida Atlantic University, Lynn University and the Brightline station.
The loan was handled by David Lukes, senior vice president at City National Bank of Florida.
Grover Corlew continues to redefine the suburban office landscape across South Florida through high-value investments, strategic renovations and tenant-centric design approaches. For more information visit grovercorlew.com.