CP Group Trades One Town Center In Boca Raton For $100 Million

The Prime US REIT, a Singapore-based real estate finance trust purchased the 10-story One Town Center office building for $99.5 million, from commercial real estate firms CP Group and Siguler Guff & Co.

Basically developed by CP’s founding partner Tom Crocker in 1991, the building sold for $30 million in 2007 to insurance firm MetLife.

CP Group, in a joint venture with Siguler Guff, bought back the building for $36.3 million in 2014, when it was only 26% leased.

CP Group, formerly Crocker Partners, will continue to manage the property.

Settled at 1 Town Center Road, the 191,294 Sq Ft office tower lies along North Military Trail in the heart of Boca Raton’s retail district. The building once housed the headquarters of chemical company W.R. Grace & Co. and the offices of national security system firm Tyco.

The sale comes on the heels of CP Group’s notable office purchases. Earlier this month, in Atlanta, the firm purchased the landmark One CNN Center, which housed the news network’s headquarters.

CP Group, based in Boca Raton, is one of the largest office real estate owners in the Southeast and Southwest, according to the company.

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