Boca Office Building Trades At $18 Million Loss

Gatsby Enterprises has purchased One Town Center, located at 1 Town Center Road in Boca Raton, for $82 million.

The asset last sold for $99.5 million.

In July 2021, KBS acquired the property from a joint venture between prominent commercial real estate firm CP Group, formerly Crocker Partners, and Siguler Guff & Co. for $99.5 million by Prime US REIT (PRIME), which traded on the Singapore Exchange Securities Trading Limits ticker as: OXMU. KBS served as the U.S.-based asset manager for the portfolio, which included identifying and sourcing this asset on PRIME’s behalf.

The 1991-built 10-story building totals 191,294 square feet and features a 151,392-square-foot parking structure. The building is one of the market’s tallest office buildings and was developed before annexation into the City, thus avoiding Boca Raton’s four-story height restrictions.

Wells Fargo provided a $51 million acquisition loan to Gatsby Enterprises.