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| One Town Center, Boca Raton, FL |
BOCA RATON, FL, June 24, 2013 – On the heels of its
conversion to a multi-tenant office building, One Town Center has signed
its first tenant, Kayne Anderson Real Estate Advisors (KAREA).
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| Michael Erickson |
The private equity firm, which is the real estate arm of Los
Angeles-based Kayne Anderson Capital Advisors, has signed a lease for 12,637
square feet.
Michael Erickson,
Senior Vice President with CBRE handled the real estate transaction on behalf
of building owner MetLife and CBRE’s Senior Vice President, Jeff Kelly,
represented the tenant with the assistance of John Jaspert, Senior
Associate.
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| Jeffrey Kelly |
“We’re excited to
make the move to Palm Beach County and to set up offices in a Class A building
like One Town Center,” said Al Rabil, managing partner and CEO of Kayne
Anderson Real Estate Advisors. “We thank the Palm Beach County Business
Development Board, MetLife and CBRE for their efforts to make this a seamless
transition for us.”
Instrumental in the
deal were the efforts of the Palm Beach County Business Development Board who
have been working to bring hedge-fund and private-equity firms to Palm Beach
County.
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| John Jaspert |
“There has been a significant amount of interest from hedge
fund and private equity companies looking to set up offices in Palm Beach
County. Approximately 15 have relocated to the area over the past two
years," said Kelly Smallridge, the BDB’s President and CEO.
“We are especially
pleased that One Town Center has helped attract new business to the area,”
stated Chuck Davis, regional director of MetLife’s Tampa real estate
investment office. “It is an
exceptional building that has the high-profile, Class A office space needed to
accommodate all of Kayne Anderson’s needs.”
 |
| Al Rabil |
Earlier this year
One Town Center, formerly known as the Tyco Building, reentered the Boca Raton
leasing market with the largest block of Class A office space in the
Glades/West Boca submarket.
The building has undergone a conversion from a single-use
Class A office building to a multi-tenant office building. In addition to amenity upgrades and renovations
to the lobby and common areas, the third floor was renovated as a multi-tenant
office floor to showcase the building’s flexibility to meet market demand for
tenant spaces of all sizes. Kayne
Anderson is taking over half of the third floor space.
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| Kelly Smallridge |
“This marks the
first time in 21 years that tenants have the opportunity to lease space at this
address since the property was in a single tenant’s hands for most of its
history,” said Michael Erickson, CBRE
Senior Vice President.
“The renovations have ensured the building maintains its
iconic status, drawing interest from prospective tenants both within and
outside of the Boca Raton market.”
For a complete
copy of the company’s news release, please contact:
Michael Erickson, CBRE, (561) 393-1616 michael.erickson@cbre.com
Christine Montemurro, (212) 578-7129 cmontemurro@metlife.com
Olivia Offner for KAREA, (212) 279-3115 ext. 233 ooffner@prosek.com
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