Developer Completes $16M Improvement Project on Downtown Boca Buildings, Rental Demand Up

Bank of America Tower, Palmetto Park Road, Boca Raton, FL, June 2025. (Photo: Boca Daily News)

The owner of two major buildings in downtown Boca Raton has completed $16 million in improvements alongside $61 million in refinancing.

Grover Corlew, a South Florida-based real estate investment management group, has completed a $61 million refinancing of two office properties in downtown Boca – Palmetto Park City Center and the Bank of America Tower, located at 120 and 150 East Palmetto Park Road, respectively.

Palmetto Park City Center, a five-story, 66,606 square foot building at 120 East Palmetto Park Road, was acquired by Grover Corlew for $25.2 million. Built in 1996 and situated near Mizner Park and Royal Palm Place, the building has undergone more than $9 million in renovations. These improvements include lobby and façade upgrades, refreshed tenant spaces, updated restrooms and common area enhancements. The property also offers ample covered and surface parking and earned an Energy Star label in 2015. Palmetto Park City Center is currently more than 90 percent leased, representatives said.

Meanwhile, the eight-story, 109,497 square foot Bank of America Tower next door at 150 East Palmetto Park Road was purchased by Grover Corlew for $44.6 million in an off-market transaction in 2021. Since the acquisition, the company has invested more than $7 million in upgrades, which have “elevated rental rates and boosted occupancy to over 90 percent,” the company said. Enhancements include a $1.3 million elevator modernization, a lobby renovation, a full-floor tenant buildout for Waypoint, and the addition of Mia Rosebud — a premier Italian restaurant from renowned Chicago restaurateur Alex Dana.

The property offers a grand lobby, office suites with a view of the Atlantic Ocean in the distance, conferencing facilities, and on-site management. The 7,800-sq.-ft. Mia Rosebud serves classic Italian cuisine and century-old family recipes in a sophisticated setting.

“Today, both properties are nearing full occupancy, and they’re commanding the highest lease rates among comparable office buildings in the market, which is a clear reflection of the value we’ve created,” said Grover Corlew Partner Mark Corlew.

Grover Corlew has emerged as one of the city’s most prominent investors, beginning with the 2016 acquisition of 1489 and 1499 West Palmetto Park Road, collectively known as Palmetto Central, a property that has since been redeveloped and was refinanced earlier this month.