Crocker Partners buys Boca office towers for $81M

Real estate firm paid $44.7M for One Town Center and $36.3M for The Plaza
December 22, 2014 12:45PM

One Town Center and the Plaza office buildings in Boca Raton

Crocker Partners reacquired two Boca Raton office towers last week.

The real estate investment firm reportedly paid $44.7 million for One Town Center and $36.3 million for the Plaza, according to public records. MetLife Real Estate Investors of Atlanta sold the buildings. CBRE brokered the sale.

“The buyer has taken a significant position in Boca Raton — together with this asset, Crocker owns, or will soon own, nearly 1 million square feet of the best office properties in the submarket,” CBRE senior associate Jose Lobon said in a news release. “This will give tremendous leverage with rents.”

Crocker built the Plaza in 1986 and One Town Center in 1990, the Sun-Sentinel reported. One Town Center and The Plaza are 42 percent leased, and tenants include Kayne Anderson, Kaufman Rossin, Wells Fargo and Wells Fargo Advisors.

Back in August, a joint venture managed by Crocker Partners bought the nearly 277,390-square-foot One Boca Place for $76.4 million. Crocker also built Mizner Park and Boca Center, an office, retail and hotel project. [Sun Sentinel]Katherine Kallergis