Flex office provider Venture X has opened its newest coworking location at Grover Corlew’s Palmetto Central Office Campus, located at 1489 and 1499 W. Palmetto Park Road in Boca Raton, Fla. The coworking brand will occupy 30,000 square feet on the entire top floor of the 1489 Building.
Venture X leased the office space at Palmetto Central in August 2024, Commercial Property Executive reported at the time. Colliers worked on behalf of the tenant, while CBRE represented the ownership.
UHealth Boca Raton, a University of Miami Health System clinic, also occupies 17,000 square feet in the same building as Venture X, signing the deal with Grover Corlew back in late 2024.
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Yardi’s director of coworking Will Sandford recently discussed in an interview with Commercial Property Executive the important role that integrated technology plays in modern coworking spaces, which can create an efficient experience for customers. The coworking industry could also benefit from the standardized data model used in the multifamily sector and hotel industry, Sandford emphasized, benefitting both users and brokers’ experience.
The two-building Palmetto Central
Just off Interstate 95, the property is some 2 miles southeast of downtown Boca Raton and within 20 miles north of Fort Lauderdale, Fla. Boca Raton Airport is some 3 miles away.
The 147,627-square-foot Palmetto office campus consists of a 63,496-square-foot, five-story building and an 84,131-square-foot four-story building. The property recently became the subject of a $47.5 million refinancing loan issued by City National Bank of Florida. The note is replacing a previous, almost $22 million loan originated by Wells Fargo Bank in July 2023.
Palmetto Park was completed between 1979 and 1992 and has been completely renovated, as part of a larger transformation that amounts to a $60 million investment. The upgrades include fully renovated common areas, as well as covered parking with EV charging stations. Similarly, amenities at Venture X’s coworking space feature 24-hour access, fully equipped conference rooms, a community lounge area and reception services.
