Illustrative photograph of a Boca Raton office park; this is not a confirmed image of One Boca Place.
One Boca Place, a two-building office complex at 2255 West Glades Road in Boca Raton, has sold for $78.88 million to New York-based Golden East Investors. The deal closed Oct. 22, according to Traded’s transaction record. Commercial Observer and Connect CRE reported the sale the following day.
The transaction marks CP Group’s third Boca Raton office property sale since the summer. The Boca Raton-headquartered firm sold One Boca Place with Chicago-based Harrison Street Asset Management, and the buyer’s financing, reported at $82.1 million, exceeds the stated purchase price. Available reporting does not explain that gap.
The property sits just west of Interstate 95 and near Town Center at Boca Raton.
A two-building complex near Town Center
Commercial Observer reported that Golden East bought the 286,890-square-foot property, built in 1986 on a parcel of about 7.6 acres. Connect CRE describes the site as 7.75 acres and the office as four stories. The complex has a conference center, café, fitness center and on-site car wash, according to Connect CRE.
About 75,900 square feet was being offered for lease at an asking rate of $52 per square foot, Connect CRE reported. That reported availability offers a concrete detail about the property’s leasing picture, though the reports do not provide a full occupancy figure or describe the spaces’ condition.
Illustrative photograph of a commercial corridor in Palm Beach County; not a depiction of One Boca Place.
There is a significant discrepancy in the published building-size figures. Commercial Observer and Connect CRE report 286,890 square feet, while Traded lists 617,920 square feet and a price of about $127 per square foot. Using the 286,890-square-foot figure with the $78.88 million sale price produces a very different result, about $275 per square foot. The figures could not be reconciled, so per-square-foot comparisons depend on which reported area is used.
The buyer, sellers and price arc
Golden East Investors bought the property from a venture between CP Group, led by Angelo Bianco, and Harrison Street Asset Management, led by Christopher Merrill, according to Commercial Observer and Traded. CP Group will remain the property manager, The Real Deal reported on Oct. 23; that report is paywalled and could not be independently verified.
The sellers acquired One Boca Place in 2014 for approximately $76.35 million, according to Connect CRE and Traded. Commercial Observer rounded the earlier price to $76.4 million. Against the reported 2026 sale price of $78.88 million, the difference is about $2.53 million: $78.88 million minus $76.35 million. That is roughly a 3.3 percent nominal increase over about 12 years.
The arithmetic is a basic comparison of purchase and sale prices, not a measure of the sellers’ total return. It does not account for operating income, transaction costs, capital spending, debt or inflation. In particular, a roughly 3 percent increase in nominal dollars over 12 years does not mean the investment’s value rose by that amount after inflation or expenses.
Illustrative photograph of a commercial office interior; it does not show One Boca Place.
The $82.1 million loan is larger than the sale price
City National Bank of Florida provided Golden East Investors with an $82.1 million loan, according to Commercial Observer and Connect CRE. The reported financing is about $3.22 million higher than the $78.88 million purchase price. In simple loan-to-price terms, that is approximately 104 percent.
The loan amount and sale price are separate figures. The coverage of the transaction did not explain how the loan was sized or what it includes. It could relate to transaction costs, capital improvements or other expenses, but the reports do not say; there is not enough information to draw a conclusion about the loan’s structure from the headline amounts alone.
A third Boca office sale for CP Group
One Boca Place is the latest in a sequence of office dispositions in CP Group’s home city. In September, CP Group sold Two Town Center for $62 million to Thor Equities, led by Joe Sitt, Commercial Observer reported. Earlier this summer, CP Group sold the 124-acre, 1.7-million-square-foot Boca Raton Innovation Campus, or BRiC, to Related Ross, led by Stephen Ross, for an undisclosed amount.
Together, the sales make One Boca Place CP Group’s third Boca Raton office divestment since the summer. The pattern is significant locally: a major Florida landlord is selling multiple office properties in its own base market, while a New York buyer takes ownership of this one. It does not, by itself, establish the company’s broader plans for its remaining holdings. CP Group is headquartered in Boca Raton and will remain manager at One Boca Place, according to the cited reporting.
The transaction also lands amid a broader pattern of discounted Florida office sales, though the price comparison here alone does not establish One Boca Place’s performance after income, costs or inflation.
What to watch next
The available reports do not disclose Golden East Investors’ leasing strategy or any plans to reposition One Boca Place. The reported 75,900 square feet available for lease and $52-per-square-foot asking rate provide a starting point, but not a forecast of future occupancy or investment at the property.
Representatives for CP Group and Golden East Investors did not respond to requests for comment, Commercial Observer reported. Until the new owner outlines its plans, the key questions are whether leasing activity changes, whether the complex undergoes upgrades and how CP Group’s ongoing management role fits into the ownership transition.
