Batmasian Buys Boca Raton Office Complex on S Federal for $38M

James Batmasian, whose Investments Limited is the largest landlord in downtown Boca Raton, has bought the office complex at 555-595 S Federal Hwy for about $38.2 million, according to The Real Deal. The seller was reported to be an entity managed by John Slavik of Pinnacle Holdings, which paid about $33 million for the two buildings in 2014.

Why it matters

The deal extends Batmasian’s consolidation of downtown Boca office space. For the seller it closes a 12-year hold with a gain of about $5.2 million, roughly 16% before costs and improvements. Over the same period South Florida office has been among the harder asset classes to trade, which makes a $38 million close notable.

The numbers

The Palm Beach County Property Appraiser lists one parcel at 555 S Federal Hwy, PCN 06434729550010000, on 2.21 acres and classed as an office building of four stories or more. The record shows the 2026 market value at $34.0 million, so the reported price sits about 12% above the county’s figure ($38.15M against $34.0M).

The owner of record is still 595 Financial Plaza LLC, so the deed for this sale has not yet posted. The $38 million price therefore rests on press reports, not on a recorded document. Building square footage was not available in the record we pulled, and published figures conflict, so we are not publishing a price per square foot.

We could not confirm from the record that 595 Financial Plaza LLC is the entity tied to Pinnacle Holdings. That link comes from reporting on the 2014 purchase.

What’s next

Watch for the recorded deed in Palm Beach County, which will show the buyer entity, the documentary stamps and the true consideration. Those will confirm or revise the reported price. A mortgage filing would also show whether Batmasian financed the purchase.

The appraiser’s roll will reset after the transfer, and a sale above the $34.0 million market value may raise the assessed figure in the next cycle.