Singapore-listed Prime US REIT has invested US$99.5m (€85m) to buy a 191,294sqft US office building from a joint venture between CP Group and Siguler Guff & Co.

Real estate manager KBS said it assisted in the acquisition of One Town Center, adding that it will serve as the US-based asset manager for the portfolio.

Marc DeLuca, eastern regional president for KBS, said: “This is one of three acquisition for the portfolio since listing on the Singapore Exchange in 2019.

“Acquiring One Town Center marks another strategic investment into a prime location and a premier asset. At 95% occupancy, One Town Center is one of the most desirable office properties in the Boca Raton market with strong in-place cash flow and a diverse base of creditworthy tenants.”

Built in 1991, One Town Center features one of the two tallest buildings in the market.

KBS said it is planning to implement several upgrades to the property.

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