Thor Equities Buys CP Group's Two Town Center HQ in Boca for $62M

CP Group sold the office tower it built and ran its own business from, handing Two Town Center in Boca Raton to Joe Sitt’s Thor Equities for $62 million. Palm Beach County records show the deed recorded September 1.

Why it matters

A developer that has held a building for decades rarely sells the one carrying its own name on the door. CP Group, formerly Crocker Partners, developed both Town Center towers and, according to published reports, bought this one in 2014 for $36.3 million. On the recorded price that is roughly a 71 percent gain over a dozen years, which makes this an exit at a profit rather than a forced sale.

Thor is a buyer to watch in South Florida. It is better known for retail, and an office purchase at this scale in Boca Raton signals appetite for the submarket just east of the Town Center mall. For the wider picture, see our South Florida coverage.

The numbers

The property appraiser lists the buyer as Thor Equities Acquisition LLC, a qualified sale by warranty deed, on a 300,198 square foot lot (about seven acres) classed as a non-medical office building of four stories and up. That works out to $207 per square foot of land.

Trade press reports the building at 153,213 square feet of office with a separate 114,599 square foot garage, which is about $405 per square foot of office. The same reports describe it as roughly 90 percent leased, with CBRE and Lincoln Financial Advisors among the tenants. Those leasing details come from outlets citing a source on the deal, not from the record.

The Real Deal headlined the price at $63 million. The recorded figure we found is $62 million, and we use the record. The appraiser’s file does not name the seller; CP Group is identified in press coverage.

What’s next

Watch whether Thor keeps CP Group’s tenants and what it does with the lease-up on the remaining 10 percent. Thor’s business plan for the tower has not been disclosed. We will check the clerk’s records for any acquisition mortgage, which would show how Thor financed the purchase.