{"id":31604,"date":"2021-07-27T09:54:52","date_gmt":"2021-07-27T06:54:52","guid":{"rendered":"https:\/\/www.commercialcafe.com\/blog\/?p=31604"},"modified":"2021-07-27T09:54:52","modified_gmt":"2021-07-27T06:54:52","slug":"cp-group-sell-one-town-center-boca-raton","status":"publish","type":"post","link":"https:\/\/www.commercialcafe.com\/blog\/cp-group-sell-one-town-center-boca-raton\/","title":{"rendered":"One Town Center Sells in Boca Raton\u2019s Largest Office Deal of 2021"},"content":{"rendered":"

Singapore-based Prime US REIT paid $99.5 million for 193,440 square feet of Class A office space in Boca Raton<\/a>, Fla. Known as One Town Center and located in the city\u2019s retail district along North Military Trail, the building was previously owned by a joint venture between CP Group and Siguler Guff. At roughly $514.40 per square foot, it\u2019s the largest office deal in 2021 for the Boca Raton market.<\/p>\n

Prime US REIT was represented by KBS, the company\u2019s asset manager for its U.S. real estate portfolio. The seller\u2019s team included\u00a0Christian Lee,\u00a0Jos\u00e9 Lob\u00f3n,\u00a0Amy Julian,\u00a0Andrew Chilgren and\u00a0Royce Rose\u00a0of CBRE.<\/p>\n

Built in 1990, One Town Center has been the home of several major firms throughout the years, including chemical company WR Grace and national security system provider Tyco. But, when CP Group acquired the property, it had an occupancy rate of barely 30%. However, following renovation efforts \u2014 which included repaving existing roadways; landscaping improvements; upgrades to the parking lot and sidewalk; and the addition of a new fountain \u2014 CP Group managed to turn around the fortunes of the 10-story tower. Currently, the property\u2019s occupancy rate stands at 95%<\/a>, and CP Group more than doubled the asset\u2019s value since acquiring it in 2014 for $44.7 million.<\/p>\n

\"Boca<\/p>\n

\u201cOur strategic plan succeeded beyond our expectations in restoring One Town Center\u2019s status as the most desirable office tower in\u00a0Boca Raton,\u201d said\u00a0Angelo Bianco, managing partner at CP Group. \u201cWe are proud of the improvements and value we created and look forward to playing a role in its continued success.\u201d<\/p>\n

Senior Vice President Brett Reese added, \u201cPalm 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.\u201d<\/p>\n

Previously, Prime US REIT \u2014 whose current U.S. portfolio comprises 12 properties totaling $1.41 billion \u2014 had also acquired the Sorrento Towers in San Diego<\/a> for $146 million. Meanwhile, CP Group has been active in the Atlanta office market \u2014 where it purchased One CNN Center from AT&T<\/a> \u2014 and in Miami, where it forked over $225 million for the 38-story One Biscayne Tower.<\/p>\n","protected":false},"excerpt":{"rendered":"

Prime US REIT paid $99.5 million for One Town Center, an office building located in Boca Raton’s retail district, along North Military Trail, Previously owned by a joint venture between CP Group and Siguler Guff, the property went for roughly $514.40 per square foot, making it the largest office deal in 2021 for the Boca Raton market.<\/p>\n","protected":false},"author":56,"featured_media":31607,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[37,38,4014,39],"tags":[],"class_list":["post-31604","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commercial-real-estate-news","category-deals","category-featured","category-office","wpautop"],"acf":[],"yoast_head":"\nOne Town Center Sells in Boca Raton\u2019s Largest Office Deal of 2021 - CommercialCafe<\/title>\n<meta name=\"description\" content=\"Prime US REIT paid $99.5 million for 193,440 square feet of Class A office space in Boca Raton, Fla. 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