Thor Equities Drops $62M on Boca Raton Office

Joe Sitt’s Thor Equities has paid $62 million for the Two Town Center office complex in Boca Raton, Fla., Commercial Observer has learned.

The property features 153,213 square feet of office space and a 114,599-square-foot parking garage at 5355 Town Center Road, just east of Simon’s 1.77 million-square-foot Town Center mall. The 11-story building is about 90 percent leased, according to a source familiar with the transaction. 

In 2014, the seller — CP Group, previously known as Crocker Partners — purchased Two Town Center for $36.3 million as well as the neighboring One Town Center for $44.7 million, according to the Business Journals. 

CP Group had originally developed both buildings, completing the 7-acre Two Town Center in 1986. In recent years, it upgraded Two Town Center’s common areas, such as the lobby and elevators. 

Representatives for New York-based Thor Equities and CP Group could not be reached for comment. 

The sale caps CP Group’s sell-off of the Town Center complex. 

In 2021, it sold the 10-story One Town Center for $99.5 million to Singapore’s Prime US REIT, which, just three years later, sold it for $82 million to Gatsby Florida. In 2021, CP Group offloaded a nearby 2-acre site for $2.3 million to Pebb Enterprises, which developed it into the 22,500-square-foot Restaurant Row property. 

The purchase marks somewhat of a deviation for Thor Equities in South Florida, whose portfolio is concentrated in retail. It owns retail buildings on Miami Beach’s Lincoln Road, Fort Lauderdale’s oceanfront and within the Miami Design District and the Wynwood neighborhood.

Julia Echikson can be reached at jechikson@commercialobserver.com.