Major Investor Pays $62M For Boca Raton Office Complex
Thor Equities has acquired Two Town Center, an 11-story office building at 5355 Town Center Road in Boca Raton, from CP Group for $62 million. The property includes 153,213 square feet of office space and a 114,599-square-foot parking garage and is approximately 90% leased. The transaction gives New York-based Thor Equities a significant office investment in a South Florida portfolio that has historically been weighted toward retail properties.
CP Group, formerly known as Crocker Partners, originally developed Two Town Center, completing the property in 1986 on approximately 7 acres. The company later acquired Two Town Center for $36.3 million in 2014, along with neighboring One Town Center for $44.7 million. In recent years, CP Group upgraded common areas at Two Town Center, including the lobby and elevators.
The latest transaction effectively completes CP Group’s disposition of its Town Center properties. In 2021, the company sold the neighboring One Town Center office building for $99.5 million to Prime US REIT. That property subsequently traded again in 2024 for $82 million. CP Group also sold a nearby 2-acre parcel in 2021 for $2.3 million to Pebb Enterprises, which developed the site into the 22,500-square-foot Restaurant Row project.
Two Town Center sits just east of the Town Center at Boca Raton mall, placing the office property within one of Boca Raton’s established commercial districts.
The acquisition also represents a notable diversification of Thor Equities’ South Florida holdings. The company’s presence in the region has largely centered on retail properties, including assets along Miami Beach’s Lincoln Road, Fort Lauderdale’s oceanfront, the Miami Design District and Wynwood.
With Two Town Center reportedly about 90% occupied, the transaction illustrates continued investor interest in well-leased office assets in established South Florida submarkets, even as the broader office sector remains highly selective. The acquisition also gives Thor Equities an immediate foothold in Boca Raton’s office market rather than requiring a ground-up development or major repositioning.
Key Facts
Property: Two Town Center
Location: 5355 Town Center Road, Boca Raton, Florida
Asset Type: Office
Transaction Type: Sale / Acquisition
Buyer: Thor Equities
Seller: CP Group
Size: 153,213 SF of office space; 114,599-SF parking garage
Price: $62 million
Occupancy: Approximately 90%
Other Notable Details: 11-story building completed in 1986 on approximately 7 acres; CP Group recently upgraded the lobby, elevators and other common areas.
