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PEBB, Banyan Acquire Seven-Building Portfolio Affiliated with FAU Research Program
PEBB Enterprises and JV partner Banyan Development have paid $37.5 million for a long-term ground leasehold interest position in the Research Park at Florida Atlantic University in Boca Raton, FL. The portfolio consists of seven multi-tenant office buildings totaling 308,305 square feet.
Greg Martin with Avison Young represented the seller, an international sovereign wealth fund.
The portfolio is currently 65% occupied. It is the only state university-affiliated research park in South FL and considered a premier technology business incubator.
The Research Park at FAU has immediate access to a talented and motivated workforce and direct connection to the FAU campus. The complex allows for companies to work in partnership with FAU faculty to collaborate and transform the property into a research and development park that can strengthen and diversify Boca Raton’s business community.
The long-term lease landlord, the Florida Atlantic Research and Development Authority, is aligned with FAU and remains the property’s governing body.
- ◦Sale/Acquisition
