Thor Equities Makes First South Florida Office Buy in Boca Raton

Thor Equities has bought Two Town Center in Boca Raton from CP Group for $62 million, marking Joe Sitt’s firm’s first South Florida office acquisition after a portfolio here that has been retail only, according to Commercial Observer.

Why it matters

Thor built its South Florida footprint on retail, with holdings on Miami Beach’s Lincoln Road and in the Design District. Moving into a Boca Raton office tower roughly 90 percent leased is a different bet: a national retail investor underwriting suburban South Florida office space at near-full occupancy, at a moment when office sentiment nationally is still shaky. That reads as a vote of confidence in the Boca Raton submarket specifically, not office broadly. Palm Beach County’s Property Appraiser still lists the prior owner, CP Boca Plaza LLC, on the parcel with no sale yet recorded, which points to a deal that closed very recently and has not yet worked through the public record.

The numbers

The building at 5355 Town Center Rd is an 11-story, 153,213-square-foot office tower built in 1986, with a separate 114,599-square-foot parking garage on the same 6.89-acre parcel, according to county appraiser records. CP Group, then known as Crocker Partners, bought the property for $36.3 million in 2014. The county’s 2026 preliminary market value on the parcel is $51.1 million, split between a $40.2 million improvement value and $10.9 million land value, meaning Thor’s $62 million price sits well above the county’s own current assessment. CP Group has been steadily exiting the wider Town Center complex it developed, having also sold neighboring One Town Center.

What’s next

The sale caps CP Group’s sell-off of the Town Center complex and hands Thor its first foothold in South Florida office, a sector it will now have to lease and manage alongside its retail book. For developers watching the South Florida office market, a national investor paying above assessed value for a 1986-vintage, near-fully-leased suburban tower is a data point that the segment has found a floor, at least for buildings that already carry tenants rather than vacancy to fill.