MIAMI—It's one of South Florida's best known multitenant office buildings.First Crocker Partners bought it. Then it sold it. Now, it's buying it again.
It's the 277,390-square-foot One Boca Place. Crocker just re-acquired the office building for $76.35 million in a joint venture with Wheelock Street Capital of Boston.
“We're confident in the future of Florida's office market and continue to look at acquisitions,” says Crocker managing partner Tom Crocker. “Crocker Partners previously owned and sold One Boca Place, and we know the asset and the market. It fits well with our focus on building a portfolio of trophy properties in key markets with attractive upside potential.”
Located on Glades Road between Interstate 95 and the Florida Turnpike near Town Center Mall, the office building is 81% percent leased. Tenants include Proskauer Rose, Regus, and Raymond James.
The deal brings Crocker's Florida holdings to more than 5.2 million square feet. The company owns and operates trophy assets around the state, including Miami Center, West Palm Beach's Esperanté, and Two Harbor Place in Tampa. Crocker developed several of Boca Raton's most prominent class A office and mixed-use developments, including Mizner Park and Boca Center.
Crocker Partners is among South Florida's largest office landlords with a total 2.4 million square feet in this market overall. All told, Crocker Partners' portfolio now encompasses more than 8.4 million square feet of office space in the Southeast US and Texas, representing more than $1.4 billion in transactions.
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