Harrison Street and CP Group have completed the disposition of One Boca Place, a prominent office property located in Boca Raton, Florida, selling the asset to Golden East Investor for $78.88 million. The transaction highlights continued investor interest in well-located suburban office assets within South Florida, even as broader commercial real estate markets navigate shifts in corporate demand, financing conditions, and hybrid work models. According to reporting by the South Florida Business Journal, the acquisition was supported by significant financial backing, with City National Bank of Florida providing $82.1 million in buyer financing to facilitate the transaction.
Spanning 286,890 square feet, One Boca Place stands as a notable commercial landmark within the local office market. Originally completed in 1986, the four-story building is situated on a sprawling 7.75-acre site positioned just west of Interstate 95, offering high visibility and convenient regional accessibility for commuters traveling throughout Palm Beach County and beyond. Over the decades, the property has maintained its appeal through ongoing maintenance and competitive building amenities designed to meet the evolving expectations of corporate tenants. Current amenities housed within the complex include an on-site café, a dedicated conference center, a modern fitness facility, and an on-site car wash, features that contribute to a comprehensive workplace experience for office workers.
Leasing Opportunity Accompanies Acquisition
Beyond the acquisition itself, the transaction presents a distinct operational pathway for the new ownership. Approximately 75,900 square feet of commercial space is currently available for lease within the building, offering a substantial window for value creation. Prospective tenants are being targeted at an asking rate of $52 per square foot, positioning the property within the upper echelon of suburban Boca Raton office pricing.
This notable block of available space provides Golden East Investor with an immediate leasing opportunity to increase overall rental income through active asset management. Successfully leasing up the vacant square footage will play a critical role in determining the investment’s long-term performance and yield. Consequently, aggressive and strategic tenant recruitment will form a cornerstone of the asset’s operational business plan moving forward, as ownership seeks to capitalize on the enduring demand for high-quality suburban office space equipped with strong amenity packages.
Another Boca Raton Exit
The sale of One Boca Place represents the latest in a series of strategic portfolio adjustments and exits executed by CP Group within the Boca Raton commercial real estate market. The transaction closely follows CP Group’s participation in the high-profile September sale of the Boca Raton Innovation Campus to Related Ross, as well as the firm’s subsequent divestment of Two Town Center. These sequential moves underscore a broader strategy by institutional investment managers to recalibrate their holdings and divest certain mature assets in the South Florida region.
Historical transaction records illustrate the shifting valuation of the property over time. One Boca Place previously changed hands in 2014 for $76.35 million. Comparing that prior figure to the recent $78.88 million sale price reveals a modest nominal increase in valuation over a span of a decade. Market observers note, however, that a direct comparison of these two headline figures does not capture the full financial picture, as they do not account for intervening capital expenditures, building upgrades, tenant improvements, or the net operating income generated by the property throughout the intervening years of ownership by Harrison Street and CP Group.
As Golden East Investor assumes control of One Boca Place, the property enters a new chapter of its operational lifecycle. Backed by substantial financing from City National Bank of Florida and armed with a sizeable leasing inventory, the new ownership group is positioned to test the resilience and attractiveness of the Boca Raton office market against a backdrop of evolving corporate real estate dynamics.
