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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%.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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