James Batmasian’s Investments Limited picked up a Boca Raton office complex for $38.2 million, expanding the reach of one of the town’s biggest landlords.
An entity registered to the real estate investor bought two office buildings and the adjacent parking garage on 2.2 acres at 555-595 South Federal Highway.
The deal works out to about $319 per square foot of office space. The offices span 119,800 square feet across six-story and four-story buildings completed in 2004 and 1968, according to the real estate database Vizzda. The six-story parking garage measures 130,000 square feet.
An entity managed by John Slavik of Pinnacle Holdings sold the property, which it bought at a discount for $33.2 million in 2014. Before that, the property sold for $36.7 million in 2005.
Tenants of the buildings include Morgan Stanley, EverBank and Old Republic Title.
Batmasian purchased a smaller Boca property the same day, records show. He paid $4.5 million for the 4,000-square-foot office building at 880 East Palmetto Park Road, about two blocks from the beach.
That deal penciled out to $1,125 per square foot.
Slavik of Pinnacle Holdings was also the seller of that 1973-built property. He paid $2.6 million for it in 1973, according to records.
The acquisitions add nearly 124,000 square feet and $43 million of investment to Batmasian’s Boca portfolio.
He and wife, Marta, moved to the city in 1983 and built their business on investing in older commercial properties. A complicated figure in real estate, Batmasian received a pardon from President Donald Trump following a 2008 tax-evasion conviction.
Earlier this year, Batmasian secured city approval for a scaled-back version of his Royal Palm Place Hotel at 200 South Federal Highway, 75 Southeast Third Street and 194 Southeast First Avenue. Plans for the 12-story hotel include 137 rooms, 6,800 square feet of restaurant space, an 1,800-square-foot fast food establishment, 2,600 square feet of retail, 1,300 square feet of outdoor dining and 205 parking spaces.
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