A joint venture between CP Group and Siguler Guff has sold One Town Center, a 10-story Class A office tower in Boca Raton, Florida to Prime US REIT, based in Singapore, for $99.5 million.
CP Group said the transaction is the largest office sale in 2021 for Boca Raton.
At 95% occupancy, the 191,294-square-foot building is located at One Town Center Road.
“Our strategic plan succeeded beyond our expectations in restoring One Town Center’s status as the most desirable office tower in Boca Raton,” said Angelo Bianco, Managing Partner at CP Group. “We are proud of the improvements and value we created and look forward to playing a role in its continued success.”
The company recently completed an exterior renovation at One Town Center, including landscaping improvements, roadway repavement, upgrades to the parking lot and sidewalk, and a new fountain. CP Group also added food service amenities to the property.
“Palm Beach County has proven itself to be a clear winner coming out of COVID. Demand for quality office buildings with investment-grade tenancy is stronger than ever,” said Brett Reese, Senior Vice President at CP Group.
A predecessor company to CP Group originally built One Town Center in the late 1980s. Known for its distinct height as part of the city skyline, construction of the tower was completed before height restrictions were implemented and as a result, is one of the tallest buildings and most visible office towers in Boca Raton.
One Town Center is surrounded by walkable retail and restaurants and across the street from the infamous Town Center Mall.
The CBRE team of Chris Lee, Royce Rose, and Andrew Chilgren brokered the sale.
CP Group, formerly Crocker Partners, recently announced the acquisition of the world-renowned CNN Center in Atlanta, Georgia.