City National Bank of Florida provided $47.5 million to Grover Corlew to refinance a two-building, 170,000-square-foot office complex in Boca Raton. Commercial Edge reports that previous financing on Palmetto Center included a $22 million loan originated by Well Fargo in 2023.
Since Grover Corlew took over the building, the company has spent over $60 million on renovations. Renovations at 1499 W. Palmetto Park Road included a new facade and lobby, as well as upgraded common areas and restrooms.
Tenants at the four-story, 87,400-square-foot building include Hair Club, Gilbane Building Co., Texas Instruments, and the owner’s headquarters. The low-rise, built in 1979, is 91 percent leased. Built in 1992, the other building spans 83,000 square feet and features patio areas, custom-built office suites and fully renovated common areas. Tenants at the five-story property include Venture X and UHealth Boca Raton. The facility is 80 percent leased.
Located at 1489 and 1499 W. Palmetto Park Road, the campus is close to Palmetto Park Square and Interstate 95.
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