Crocker Partners Acquires One Boca Place in JV with Wheelock Street Capital for $76.35 Million

Aug. 25, 2014 - PRLog -- BOCA RATON, Fla. – August 25, 2014 – Crocker Partners (http://www.crockerpartners.com) today announced acquisition of one of South Florida’s most prominent multi-tenant office buildings, the 277,390-square-foot One Boca Place, in a joint venture with Wheelock Street Capital of Boston.

The $76.35 million acquisition brings Crocker Partners’ 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. Overall, Crocker Partners’ portfolio now encompasses more than 8.4 million square feet of office space in the Southeast U.S. and Texas, representing more than $1.4 billion in transactions.

One Boca Place, located on Glades Road, between I-95 and the Florida Turnpike, near Town Center Mall, is currently 81 percent leased. Lead tenants include Proskauer Rose, Regus and Raymond James.

Managing Partner Tom Crocker said, “We’re confident in the future of Florida’s office market and continue to look at acquisitions. 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.”

Active in the Southeastern and Southwestern real estate market since the mid-1980s, Crocker Partners developed many of the City’s most prominent class-A office and mixed-use developments. These include nationally renowned Mizner Park and Boca Center.

Crocker Partners is among South Florida’s largest office landlords, with a total of 2.4 million square feet in the market overall. The Company also has a major presence in Jacksonville, where it recently launched a rebranding and improvement program for Prominence, a 752,154-square-foot office park.