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Crocker Pays $81M For Boca Raton Office Space

December 23rd, 2014

Crocker Partners bought two Boca Raton office buildings from MetLife Real Estate Investors for $81 million, according to property records.

The buildings total 339,000 square feet and were originally developed by Crocker, a Boca-based developer and investor. The buildings, One Town Center and The Plaza, are just south of Glades Road — and are only 42 percent leased.

“Buying Class A vacancy in one of South Florida’s most desirable office markets is central to our investment strategy,” Thomas J. Crocker said in a statement. “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.”

The 10-story One Town Center once housed the headquarters of W.R. Grace, and later Tyco International.

 

Source: Palm Beach Post 

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