Harrison Street and CP Group have sold the One Boca Place office building in Boca Raton for $78.88 million, marking a new chapter for the mid-1980s suburban asset. According to reporting referenced from the South Florida Business Journal, the buyer was Golden East Investor. In conjunction with the acquisition, City National Bank of Florida provided $82.1 million in construction financing to the buyer, signaling a willingness by a regional lender to support additional investment in the property following the sale.
One Boca Place last changed hands in 2014, when it traded for $76.35 million. The latest transaction reflects a modest increase in pricing over that period, with the property continuing to attract institutional and private investment interest more than three decades after its original delivery. The article does not disclose the business plans of the buyer or detailed terms of the bank financing, but the presence of a sizable construction facility suggests scope for capital expenditures or repositioning work at the campus.
Developed in 1986, One Boca Place is a four-story office complex situated on a 7.75-acre site just west of Interstate 95. The project totals 286,890 square feet of office space, positioning it among the larger multi-tenant assets in its immediate trade area. On-site amenities include a conference center, a café, a fitness center, and an on-site car wash, supporting its role as a full-service suburban office destination for tenants seeking a range of workplace conveniences.
Leasing activity remains relevant to the property, with 75,900 square feet currently available for lease at an asking rate of $52 per square foot. While current occupancy and tenant roster details are not provided, the quoted asking rate offers a reference point for office rents at a well-amenitized asset with proximity to a major transportation corridor. The combination of remaining vacancy and fresh capital indicates that leasing and potential upgrades may be a near-term focus for the new ownership and its lending partner.
CP Group has been active on the disposition front in Boca Raton beyond this transaction. The firm was part of the ownership group that sold the Boca Raton Innovation Campus (BRIC) to Related Ross in September, according to the article. Just days after that deal, CP Group also sold Two Town Center, which houses the company’s headquarters. While financial terms for those separate transactions are not detailed here, the series of sales underscores the sponsor’s broader portfolio rotation strategy in the local office market.
Taken together, the sale of One Boca Place, the associated construction financing from City National Bank of Florida, and CP Group’s additional dispositions highlight ongoing capital flows into and out of Boca Raton office assets. Investors and lenders continue to engage with well-located, amenitized suburban properties, while established owners adjust their holdings through targeted sales and redeploy capital across other opportunities.
