The seven-building property has served Boca Raton businesses, healthcare providers and residents for decades and today is 95% leased to a diverse mix of banking, medical, retail and professional services tenants.
The Hollywood Planning and Development Board is scheduled to review the rezoning and site plan applications on June 9.
Cushman & Wakefield represented the bank, while Tower Commercial Real Estate represented the landlord.
Avison Young brokers Justin Cope, Greg Martin and Lisa Blumer have been retained to market the five-story building.
Butters and PEBB plan to enhance the buildings through strategic upgrades and repositioning efforts designed to attract new tenants and elevate the overall tenant experience.
In a region where capital relationships matter, the bank’s expansion signals that West Palm Beach is no longer just benefiting from spillover growth. It is becoming a banking and business destination in its own right.
The master-planned development will also include 401 multifamily residences, approximately 426,764 square feet of essential and service-oriented retail, and a 125-key lifestyle hotel.
The expansion would bring the property to 162,537 square feet.
The purchase incudes two office buildings totaling nearly 206,000 square feet, along with a 2.13-acre vacant parcel.
Office sales volume in Broward jumped 93 percent to nearly $651.5 million.
