Acquisition of 28-story office tower highlights CP Group’s continued expansion of the company’s value-add office portfolio

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 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. In June, the group, along with two other partners, bought Miami’s 38-story One Biscayne Tower for $225 million.

At Boca Raton-based CP Group, one of the largest office building owners in Florida, there hasn’t been a significant trend of tenants downsizing due to remote work, Managing Partner Angelo Bianco said. There has been uncertainty about how they’ll use space in the future, which led to some renewed short-term leases.

After trading Miami office towers, CP Group and Rialto Capital Management are back on the prowl, purchasing the massive One CNN Center office building in Downtown Atlanta, Ga.

The acquisition brings CP Group’s total Downtown Miami holdings to over 2 million square feet, including SunTrust International Center and Citigroup Center, formerly known as Miami Center.

CP Group, which until recently was called Crocker Partners, along with funds managed by Rialto Capital Management and Sabal Capital Partners, bought the high-rise at 2 South Biscayne Boulevard, according to a news release.

CP Group has formed a joint venture with funds managed by Rialto Capital Management and Sabal Capital Partners to buy the 38-story One Biscayne Tower for $225 million.