Mutual of America Life Insurance Co. has sold its Boca Raton office campus for a combined $23.75 million, paving the way for a major redevelopment.
The 11.7-acre property at 1150 NW Broken Sound Parkway was purchased in two transactions—$16.875 million by Broken Sound Boca LLC and $6.875 million by MBAL Commercial Owner LLC. The buyers are a partnership that includes Ram Real Estate, Butters Construction & Development, and Altman, part of BBX Capital Corp.
Under the redevelopment plan, Ram Realty will oversee the multifamily component, while Butters will take the lead on the industrial portion. The campus currently features a 76,761-square-foot office building occupied by Mutual of America, which has until July 2026 to relocate before the structure is demolished.
Approvals are already in place for a 287-unit apartment community with a seven-story parking garage offering 481 spaces. The residential plan includes 29 affordable units and 15 workforce units. The industrial section is slated for 63,624 square feet of small-bay warehouse and office space across two two-story buildings, along with 136 parking spaces (1)
The sales proceeds will help cover severance packages for the upcoming layoffs and restructuring, and help the company turn its first profit in 8 yrs.
(1) from CRE South Florida**