Done Deals: KBS Assists in the $100 Million Acquisition of One Town Center, a Class A Office Tower in Boca Raton, FL

Saturday, July 24, 2021

KBS Assists in the $100 Million Acquisition of One Town Center, a Class A Office Tower in Boca Raton, FL

One Town Center, a 191,294 square-foot
Class A office building at
One Town Center Road
in Boca Raton, FL

BOCA RATON, FL – KBS, one of the largest investors in commercial real estate, announced the company assisted in the acquisition of One Town Center, a 191,294 square-foot Class A office building in Boca Raton, Florida.

Christian (Chris) Lee

The property, at One Town Center Road, was acquired 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 trades on the Singapore Exchange Securities Trading Limits ticker as: OXMU.

Jose Lobón

Chris Lee, vice chairman and Jose Lobón, executive vice president of CBRE brokered the sales transaction.

Bruce Fischer

“KBS once again leveraged its deep understanding of the market and relevant fundamentals to purchase one of the most sought-after high-quality office towers in the South Florida market,” says Lee.

Tatyana Litovsky

Attorneys Bruce Fischer, Tatyana Litovsky, Chrisdo Fan and Howard Chu, and paralegal Amanda Kennedy, of global law firm Greenberg Traurig, LLP’s Orange County office, attorney Jody Saltzman in Greenberg Traurig’s New Jersey office, and attorney Steven Landy in Greenberg Traurig’s Miami office, represented PRIME as legal counsel in the acquisition.

Chrisdo Fan

“We were very pleased to represent KBS in this significant strategic transaction on behalf of PRIME,” says Fischer, Greenberg Traurig’s Chair of the West Coast Real Estate Practice and Co-Managing Shareholder of the Orange County office, who led the Greenberg Traurig team and represented KBS.

Howard Chu

“KBS worked with PRIME to acquire a top-quality, well-located asset in a growing submarket of one of the strongest regions in the country,” says Allen Aldridge, asset manager for One Town Center and senior vice president of KBS.

Amanda Kennedy

“This acquisition, which is within a five-minute stroll of 2.1 million square feet of dining and retail options, is in the best location in Midtown Boca Raton.

Jody Saltzman

"It gives us another opportunity to apply our hands-on management strategy to deliver best-in-class, well-amenitized office space and services that exceed tenants’ expectations.”

Steven Landy

KBS serves as the U.S.-based asset manager for the portfolio, which included identifying and sourcing this asset on PRIME’s behalf.

Marc DeLuca

One Town Center is a Class A property consisting of a 10-story office building and an adjacent parking deck. CP Group has been retained as on-site property management.

Allen Aldridge

“This is one of three acquisition for the portfolio since listing on the Singapore Exchange in 2019,” says Marc DeLuca, Eastern regional president for KBS.

“Acquiring One Town Center marks another strategic investment into a prime location and a premier asset. At 95% occupancy, One Town Center is one of the most desirable office properties in the Boca Raton market with strong in-place cash flow and a diverse base of creditworthy tenants.”