CP Group Announces Sale of 'One Town Center' Office Tower in Boca Raton, Florida for $99.5 Million
Occupancy levels rose from 30 percent to 95 percent under CP Group ownership
BOCA RATON, Fla., July 19, 2021 /PRNewswire/ -- CP Group, a premier owner, operator, and developer of office and mixed-use projects, alongside joint-venture partner Siguler Guff, today announced the sale of One Town Center, a 10-story Class A office tower in Boca Raton, Florida for $99.5 million. The transaction is the largest office sale in 2021 for Boca Raton.
The buyer is Prime US REIT, based in Singapore. KBS, which serves as the U.S.-based asset manager for the portfolio, has retained CP Group to provide property management services for the building.
Since acquiring the 191,294-square-foot building in 2014, CP Group successfully leased the premier office tower, boosting occupancy from 30 percent at acquisition to its current level of 95 percent.
"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 desirable food service amenities to the property, including bringing in The SEED, Boca's first specialty coffee and juice bar, to operate its on-site café as the company's second location; and is working with successful Boca-based restauranteur Mitchell Robbins to open an Asian fusion restaurant in the building.
“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. Located in the heart of downtown 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 known as Crocker Partners, is one of the country's premier owner-operators and developers of commercial real estate. The organization recently announced the successful acquisitions of the world-renowned CNN Center in Atlanta, Georgia and iconic One Biscayne Tower in Downtown Miami.
ABOUT CP GROUP
Active in the commercial real estate business for over 35 years, CP Group, formerly Crocker Partners, has established a reputation as a premier owner, operator, and developer of office and mixed-use projects throughout the Southeast and Southwest United States. Since 1986, CP Group has acquired and managed over 150 properties, totaling 51 million square feet and representing over $6 billion invested. They are currently Florida's largest and Atlanta's second-largest office landlord and rank 34th largest in the United States. Headquartered in Boca Raton, Florida, they have regional offices in Atlanta, Miami, Jacksonville, Dallas, and Washington DC. To learn more about the company, visit CPGcre.com.
ABOUT SIGULER GUFF
Siguler Guff is a multi-strategy private equity investment firm with over $15 billion of assets under management and 25 years of investment experience. Siguler Guff seeks to generate strong, risk-adjusted returns by focusing opportunistically on market niches. Siguler Guff's core investment strategies include small business, opportunistic credit, distressed real estate and emerging markets. Siguler Guff's investment products include direct investment funds, multi-manager funds and customized separate accounts targeting specific areas of compelling opportunity. Founded in 1991 and headquartered in New York, Siguler Guff maintains offices in Boston, London, Moscow, Mumbai, São Paulo, Shanghai, Seoul, Tokyo, Hong Kong and Houston, Texas. To learn more about Siguler Guff, please visit www.sigulerguff.com.
SOURCE CP Group
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