A New York developer picked up an 11-story Boca Raton office building and parking lot for $62 million as it seizes on what it sees as undervalued markets.
Boca-based CP Group, formerly known as Crocker Partners, sold its headquarters office building at Two Town Center to Thor Equities. The 7-acre property went for $9 million an acre, or $405 per square foot. The building is 90 percent leased.
The property, at 5355 Town Center Road, is near the Simon-owned Town Center at Boca Raton mall off Glades Road. Thor’s South Florida acquisitions so far have focused on retail properties.
The building is among Boca’s tallest office buildings. It spans about 153,000 square feet in the office building, and the property includes a 114,600-square-foot adjacent parking garage, according to records. CP, led by managing partner Angelo Bianco, renovated the exterior and lobby and rebranded the building from The Plaza to Two Town Center.
Tenants include CBRE and Lincoln Financial Advisors.
CP developed the building, completing it in 1986. The company reacquired it for $36.3 million in 2014, along with the neighboring One Town Center for $44.7 million, which it also developed.
CP sold the One Town Center property at 5350 Town Center Road to Prime US REIT for $99.5 million in 2021. The Singapore-based Prime then sold it in 2024 for $82 million, a 17.6 percent discount from what it paid.
CP also owned the 1.9-acre property at 5377 Town Center Road, which it sold to Boca-based Pebb Enterprises in 2021. Pebb paid $2.3 million for the land that it developed into the 22,000-square-foot Restaurant Row.
Thor, led by Joe Sitt, acquired two discounted Wynwood development sites for a combined $30.2 million last year. It also bought a Delray Beach commercial site in 2015 and sold it in 2022, property records show.
Although Thor earlier cashed out of the office market to invest in AI data centers, Sitt is taking a contrarian stance on office, he told CNBC in an interview earlier this year. He’s bullish on the office market because he thinks it is undervalued, he said.
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