CP Group Sells Third Boca Office Property Since Summer

A New York investor, Golden East Investors, has picked up One Boca Place, the 286,890 square foot office campus at 2255 Glades Road, paying roughly $78.9 million to sellers CP Group and Harrison Street Asset Management, according to Commercial Observer. The deal came with an $82.1 million loan from City National Bank of Florida.

This marks CP Group’s third Boca Raton office exit since the summer. The Boca-based firm already handed Two Town Center to Joe Sitt’s Thor Equities for about $62 million, and moved the sprawling, 1.7-million-square-foot BRiC campus on 124 acres to Stephen Ross’s Related Ross for a price neither side disclosed.

Why it matters

Three area office assets changing hands in under five months looks less like opportunistic selling and more like a firm working through an exit list. Each buyer came from a different corner of the capital stack, Thor Equities as a national sponsor, Related Ross as a deep-pocketed local player, and now Golden East making what appears to be its first visible entry into the Boca submarket, which signals bids keep showing up for Boca office product even while its biggest local owner steps back. Agents and owners tracking the submarket should expect the comp set to keep resetting as CP Group’s remaining holdings come to market.

The numbers

One Boca Place sits on a 7.6-acre parcel near the Town Center at Boca Raton mall, just west of Interstate 95. CP Group and Harrison Street had owned the complex since 2014, when they paid $76.4 million for it, meaning the $78.9 million sale price reflects over a decade of minimal appreciation. The $82.1 million acquisition loan from City National Bank of Florida exceeds the purchase price, pointing to additional capital earmarked for the asset beyond the acquisition itself. South Florida office deal volume in Boca Raton has now topped roughly $140 million across CP Group’s two disclosed-price sales this year.

What’s next

Neither CP Group nor Golden East Investors had commented publicly on the sale as of Commercial Observer’s report, leaving open whether CP Group is winding down its Boca Raton office book entirely or simply cutting loose its oldest holdings first. The exact closing date and the Palm Beach County clerk’s recorded deed and loan instrument numbers were not available at publication; this desk has flagged the filing for a records pull once it posts.