Boca Raton, FL – July 19, 2021 – CBRE facilitated the $99,500,000 sale of One Town Center, an institutional-quality, Class A+ 191,294-sq.-ft. office tower located in the premier Boca-Glades micro-market of Boca Raton, one of the wealthiest and fastest growing enclaves in the United States. The sellers, a joint venture between prominent commercial real estate firm CP Group, formerly Crocker Partners, and Siguler Guff & Co., were exclusively represented by the CBRE Capital Markets team of Christian Lee, José Lobón, Amy Julian, Andrew Chilgren, and Royce Rose. The team also included Michael Erickson from Tower Commercial Real Estate, who is the leasing broker for the property. The buyer is Prime US REIT (PRIME), based in Singapore. KBS serves as the U.S.-based asset manager for the portfolio, which included identifying and sourcing this asset on PRIME’s behalf.

As one of the premier office properties in Boca Raton, One Town Center is a 10-story building with an adjacent 435-space parking garage and 274 surface parking spaces, resulting in a parking ratio of 3.7 per 1,000 sq. ft. The property is well positioned in the Midtown Boca Raton corridor, close to upscale executive housing and 1.2 miles from I-95. The asset also is in close proximity to Florida’s Turnpike, the Boca Raton Airport, executive country clubs and housing communities, hotels, retail, and dining options.

“One Town Center is the top office address in the market with the most desirable curb appeal and the best rent roll in terms of credit, character, rate, and longevity with six years of weighted average lease term,” said Mr. Lee, a Vice Chairman at CBRE.

“The combination of increasing demand and a lack of new construction in Boca has driven 28% market rent growth since 2013, and is expected to result in similar growth on a go-forward basis,” added Mr. Lobón, an Executive Vice President with CBRE.

One Town Center was developed by Tom Crocker in 1991 as the worldwide headquarters for WR Grace as part of their relocation from New York. WR Grace vacated in 2001 and the space was reabsorbed by Tyco, a national security systems company with over $20 billion market capitalization at the time. MetLife purchased the building in 2007 but after Tyco vacated in 2012, MetLife was unable do the heavy lifting of multi-tenanting the building. The property was sold to Crocker Partners who restored One Town Center to its prestigious status, bringing the building from 26% to 94% occupancy.