The owner of Madisons New York Bar & Grill in Boca Raton wants to build a four-story office building near the restaurant.
In late October, the city received an application from 2006 Executive Center L.P., owned by Efstathios “Steve” Tsatas in Laval, Quebec, Canada to build a 24,029-square-foot office building. It would rise on the 2.05-acre site at 2006 N.W. Executive Center Circle in between the 6,845-square-foot Madisons restaurant and a 5,925-square-foot retail building that’s leased to Jared’s Gallery of Jewelry.
The property is located north of Glades Road and west of the Interstate 95 exit.
Don Olsen, director of operators in the U.S. for Groupe Tsatas, said his company’s office would occupy a small portion of the new office building and the rest would be leased out. A law firm has already expressed interest in leasing the top floor, he said.
Tsatas wants to develop an office building on the property because there’s excess parking on the site. It’s working with city officials to determine how many surface parking spaces would be required. There would be no structured parking, he added.
The office building was designed by RLC Architects. Attorney Bonnie Miskel represents the developer in the application, which has yet to be scheduled for a city vote.
Tsatas’ company acquired the property for $12.25 million in 2010.
Boca Raton is Palm Beach County’s largest office market with nearly 11.5 million square feet, according to CBRE’s third-quarter market report. Its 14.6 percent vacancy rate was less than the countywide vacancy rate of 16.7 percent, although its asking rental rate of $19.92 per square foot was about the same as the county average. There was no office space under construction in the county during the third quarter. The office space net absorption rate in Boca Raton through the first nine months of 2016 was 213,489 square feet, the highest among the county’s submarkets.