The Bank of America Tower in downtown Boca Raton has been sold to the Dividend Capital Diversified Property Fund Inc. for $35.75 million. The 109,553 square-foot mixed use office building has ground floor retail and restaurant space along with 330 parking spaces. The eight story property rests on a 1.5 acre site at 150 East Palmetto Park Road and traded for just over $326 per square foot. The buyer takes on a building 87 percent leased to tenants that include as Bank of America, Zen Offices, Veretech Holdings and Charles Schwab & Company. HFF represented the seller, Clarion Partners, who bought the asset in 2005 for $34.2 million. Dividend Capital has a portfolio of 59 properties, totaling roughly 9.8 million square feet.
