BOCA RATON, FL (July 19, 2021) – 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 the iconic One Biscayne Tower in Downtown Miami.