Boca Office Landmark Changes Hands For $78.88 Million
Harrison Street and CP Group have sold One Boca Place in Boca Raton to Golden East Investor for $78.88 million. The 286,890-square-foot office property also secured $82.1 million in buyer financing from City National Bank of Florida, according to South Florida Business Journal.
Leasing Opportunity Accompanies Acquisition
Completed in 1986, the four-story building occupies 7.75 acres west of Interstate 95. Amenities include a café, conference center, fitness center and on-site car wash.
Approximately 75,900 square feet is available for lease at an asking rate of $52 per square foot. That availability gives the buyer an opportunity to increase rental income through leasing, while also making tenant recruitment an important part of the investment’s performance.
Another Boca Raton Exit
The transaction follows CP Group’s participation in the September sale of Boca Raton Innovation Campus to Related Ross and its subsequent sale of Two Town Center.
One Boca Place previously traded for $76.35 million in 2014. The latest price represents a modest nominal increase, although those two figures alone do not account for intervening capital investment or income generated during ownership.
Key Facts
- Property: One Boca Place
- Location: Boca Raton
- Asset Type: Office
- Transaction Type: Sale
- Buyer: Golden East Investor
- Sellers: Harrison Street and CP Group
- Size: 286,890 square feet
- Price: $78.88 million
- Financing: $82.1 million from City National Bank of Florida