More South Florida investors are upgrading existing buildings
The 951 Yamato building in Boca Raton used to be spillover office space for IBM. It was big and gray and drab — “a battleship,” one real estate broker said.
After the computer giant closed its sprawling Boca headquarters and slashed its local work force in the 1990s, the building changed hands several times before JP Morgan Chase bought it in July and poured $16 million into renovations and tenant improvements. The 150,000-square- foot building was repainted yellow, and mahogany trim was installed, along with marble floors, generators and wi-fi Internet access. Leasing agent Neil Merin sees no problem filling the space.
As land becomes scarce and construction costs skyrocket, investors across South Florida are upgrading existing office space rather than building from scratch.