KBS and Prime US REIT have acquired One Town Center in Boca Raton, Florida. The investors purchased the property for $99.5 million from a joint venture between CP Group and Siguler Guff & Co. The purchase is the third acquisition for Prime since it entered the Singapore Exchange in 2019. KBS will serve as the US-based asset manager for the portfolio.
One Town Center is a 10-story 191,294-square-foot office tower with 95% occupancy and strong in-place cash flow. It is a highly desirable asset in the market, as illustrated by the occupancy. According to data from Newmark, leasing activity was up 29% last year, and South Florida’s unemployment rate has improved, falling to 6.3% during the first quarter of 2021. Palm Beach County has the lowest unemployment rate in the region at 4.5%.