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Grover Corlew Purchases Downtown Boca Raton Office Tower For $44.6 Million

Jul 26, 2021•about 4 years ago

Acquiring Company

Grover Corlew

Acquired Company

Downtown Boca Raton Office Tower

Description

In a challenging market during the height of the pandemic, Grover Corlew set about to do the improbable. The real estate investment management group with a reputation for transforming many of South Florida’s iconic, yet outdated office buildings, purchased the 109,497-sq.-ft. Bank of America Tower in downtown Boca Raton in an off-market transaction with plans to reinvest in the signature building and re-energize Boca Raton’s downtown.

Company Information

Company

Grover Corlew

About

Real estate veterans with a proven track record of more than 100 years of combined industry experience lead Grover Corlew in acquiring, transforming and managing office, multifamily and retail properties across the southeastern U.S., with a focus on Florida. The Grover Corlew team has developed, owned and managed 10,000+ units and more than 10 million sq. ft. of commercial space, taking a personalized approach to investor and tenant relationships, which has attracted corporate headquarters to Grover Corlew signature buildings. The company is actively developing new projects that will continue to help revitalize and stimulate local communities.

M&A Insights

Based on deal data
Integration timeline
70% of M&A integrations take 12-24 months to complete
Tech stack consolidation
83% of merged companies consolidate technology vendors within first year
Post-acquisition investment
Companies increase IT spending by 23% on average after acquisitions
Success factor
M&A deals with strong technology integration plans are 2.5x more likely to succeed