Boca’s Economic Development Report

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By: Jessica Del Vecchio Economic Development Manager Special to the Boca and Delray newspapers

Modernizing Medicine

Modernizing Medicine has had quite an eventful and successful quarter. They recently raised $231 million in private equity funding – which was 80 percent of Florida’s statewide venture capital funding for the quarter. Modernizing Medicine also announced plans to expand their existing workforce, committing to creating over 800 jobs for our community. They’ll soon be relocating their corporate headquarters to the Boca Raton Innovation Campus, which is the original IBM Campus – where IBM developed the first personal computer in the 1970s, putting Boca’s corporate community on the map. Also moving into the Innovation Campus is Shoes for Crews. This headquarter relocation will bring 200 jobs to our area, which will continue to bolster our local economy.

Commercial real estate highlights

There have been a number of commercial property transactions over the past quarter, with Office Depot’s building investment being the largest. Earlier this month, Office Depot announced the purchase of their 630,000-square-foot corporate headquarters, which was constructed on the 28.9 lot located at 6600 N. Military Trail, in 2008. The purchase price was $132.05 million.

The 206,000-square-foot, Class A office building at 301 East Yamato Road recently sold for $39 million, which is a 41 percent increase from its last trade in 2015. At the time of the most recent transaction, the building was 92 percent occupied.

Boca City Walk, the new downtown rental community completed in 2016, recently sold for $81 million. With 229 units in the complex, this deal equates to $351,528 per rental unit.

In May 2016, Butters Group acquired the 60,000-square-foot commercial building located at 851 Broken Sound Parkway. At the time of the acquisition, the property was 20 percent  occupied. To date, with the completion of the recent upgrades, and with the help of their amazing sales team, the building is currently 60 percent occupied. Revitalization of our existing commercial inventory is crucial in this robust market, and the Butters team have a few similar projects in the works, allowing us to remain competitive in the relocation and expansion market.

Gov. Scott visits Boca companies

The City’s Office of Economic Development organized a visit for Gov. Rick Scott to tour the newly renovated corporate headquarters of Orangetheory Fitness. Recently named the fastest growing, women-owned company in the country, Orangetheory announced the milestone of their 1,000th U.S. franchise development agreement. Gov. Scott joined our Deputy Mayor and Council Members for a tour of the headquarters of this vibrant, sophisticated, rapidly growing company and thanked them for their valuable contributions to our city.

Have corporate news to share or looking to relocate/expand your company to Boca Raton? Contact the city’s economic development office at economicdevelopment@myboca.us or 561-393-7761. Want to see what we’re up to? Follow us on Facebook @BocaEconomicDevelopment