Crocker Partners announced acquisition of two high-profile office towers in Boca Raton’s Town Center Mall area from MetLife Real Estate Investors adding 339,000 square feet of Class A space to its growing South Florida portfolio. The two buildings, both originally developed by Crocker entities, are One Town Center and The Plaza, located just south of Glades Road. The two buildings are currently 42 percent leased and major tenants include Wells Fargo and Kayne Anderson Real Estate Advisors.
This latest acquisition, in partnership with Siguler Guff, brings Crocker Partners’ holdings in Boca Raton to more than 616,000 square feet. Earlier this year, Crocker Partners acquired the 277,390-square-foot One Boca Place office center, and the company expects to finalize another major acquisition by year-end that will bring its Boca Raton portfolio to more than one million square feet.
“Buying Class A vacancy in one of South Florida’s most desirable office markets is central to our investment strategy,” said Thomas J. Crocker, Founder and Managing Partner. “Our basis in these assets is a fraction of the cost it would take to replace them and we have significant upside potential as both buildings come with extensive development opportunities.”
Crocker Partners will manage the properties and has engaged Tower CRE for leasing, according to Angelo J. Bianco, Partner. He said Crocker Partners sees upside potential from development of surplus land surrounding the projects. The company, Bianco noted, has deep roots in the Boca Raton market, where it is headquartered and has developed many of the city’s most prominent buildings. In addition to The Plaza, built as Boca Raton’s first Class A office tower, and One Town Center, home to W.R. Grace and later Tyco, Crocker introduced the City’s two major mixed-use centers, Downtown Boca Raton’s Mizner Park, and suburban Boca Center.
Overall, Crocker Partners’ portfolio now includes more than 8.0 million square feet of office real estate in the Southeast U.S. and Texas, representing more than $1.5 billion invested.