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