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City staff and CBRE recommend buying 6551 Park of Commerce as temporary city services building amid public questions on price and transparency
Summary
City staff and CBRE recommended acquiring 6551 Park of Commerce for $17.4 million to house city services while a smaller downtown city hall is built; members of the public questioned negotiation transparency, a possible CBRE conflict and the cost and timing of moving the Children’s Museum.
City staff and a CBRE tenant representative on Monday urged Boca Raton officials to acquire 6551 Park of Commerce as the city’s interim services building, saying the purchase plus a smaller downtown city hall would cost about half as much as rebuilding a full‑size downtown facility.
Will Portfolio, a senior vice president with CBRE, told the council his team evaluated 15 properties, toured 10 and shortlisted five before concluding that 6551 Park of Commerce best met the city’s operational needs. Portfolio said comparable owner‑occupier sales ranged about $228 to $288 per square foot and that the city negotiated the price down from an initial $19 million to $17.4 million for the site.
Why it matters: Staff and the consultant said the combined strategy—acquire off‑campus space for services and build a roughly 30,000‑square‑foot…
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