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Thor Equities buys Two Town Center office complex for $62 million

The 11-story property totals 153,213 square feet of office space and is about 90 percent leased, according to a transaction source.

Reported · Written up by our desk · Commercial

Thor Equities, led by Joe Sitt, has paid $62 million for the Two Town Center office complex in Boca Raton, Florida, Commercial Observer reports. The property at 5355 Town Center Road includes 153,213 square feet of office space and a 114,599-square-foot parking garage. The 11-story building is about 90 percent leased, according to a source familiar with the transaction.

Commercial Observer also notes that CP Group, previously known as Crocker Partners, bought Two Town Center in 2014 for $36.3 million, alongside One Town Center for $44.7 million. The buildings were originally developed by CP Group, with Two Town Center completed on a 7-acre site in 1986.

In recent years, CP Group upgraded common areas at Two Town Center, including the lobby and elevators. The deal marks a shift for Thor Equities in South Florida, where its portfolio has been concentrated in retail, such as properties on Miami Beach’s Lincoln Road and in Fort Lauderdale and the Miami Design District and Wynwood area.

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