Harrison Street, CP Group sell Boca Raton office for $78.9M

Harrison Street and CP Group sold One Boca Place, a 286,890-square-foot office building in Boca Raton, Fla., for $78.88 million, per Connect CRE, which cited the South Florida Business Journal for the buyer's identity.

Golden East Investor bought the four-story building, and City National Bank of Florida provided an $82.1 million construction loan to the buyer.

The price works out to about $275 a square foot, 3.3% above the $76.35 million the building fetched in 2014. The loan exceeds the sale price by $3.2 million, and 75,900 square feet, about 26% of the property, is listed as available at an asking $52 a square foot.

A September report said Harrison Street has been selling down assets while building fundraising capacity for infrastructure and credit, a shift allocators can probe when the firm pitches new vehicles.

CP Group has also been selling in its home market. It was part of the group that sold the Boca Raton Innovation Campus to Related Ross in September and sold Two Town Center, where it houses its headquarters, days later, Connect CRE reported.