Tricera Capital, New England Development & Rockpoint Group Partner on Significant West Palm Beach, FL Office Acquisition

 

One Clearlake, West Palm Beach, FL

WEST PALM BEACH, FL  – Tricera Capital, the Miami-based real estate investment firm, and major investors New England Development, NDT Development and Rockpoint Group teamed up for the first time to acquire a prime office building in downtown West Palm Beach. 

The venture completed the $60.7 million purchase of One Clearlake on June 29.

The 18-story One Clearlake has
more than 220,000 square feet
of rentable space

Prominently located on 3 acres at 250 S. Australian Ave., the 18-story One Clearlake has more than 220,000 square feet of rentable space, with an average floor plate of nearly 13,000 square feet.

The tower was built in 1986, and recently underwent extensive renovations to the lobby and other building elements.

One Clearlake interior

It was 62% leased when the property was put under contract, and the ownership group has already started to capitalize on the substantial demand coming from out-of-state companies interested in relocating to West Palm Beach.

Prior to closing, Tricera and the partners successfully executed two new leases at the building, which combined make up a full floor.

In addition, ownership is heading to lease with another large user, which it expects to finalize soon.

Ben Mandell

“We are very excited about the One Clearlake acquisition, and continue to be extremely bullish on the city and its long-term growth,” Tricera Co-Founder and Managing Principal Ben Mandell said.

“The building’s location, quick easy access to the interstate, sublime water views, upscale finishes, and flexible floorplates make OCL an ideal fit for any local, national or global company that desires to be in downtown West Palm Beach.”

“This building offers tenants Class A office space at favorable rates to comparable Central Business District properties,” Tricera Co-Founder and Managing Principal Scott Sherman said.

 “It is exciting to embark on our first venture with New England Development, NDT, and Rockpoint. We look forward to a successful partnership.”

Scott Sherman

The building’s tenant roster includes but is not limited to: Intech Investment Management, BB&T, CenterState Bank, Prudential and law firms Day Pitney and Rosenbaum Mollengarder.

One Clearlake’s attached 669-space garage provides a generous parking ratio of 3.06 spaces per 1,000 square feet of rentable space.

Building amenities include 24-hour security, a large brand-new tenant lounge, fitness center and an onsite café.

One Clearlake’s lobby was renovated in 2019 with a modern natural finish, featuring polished stone, elegant wood and contemporary textures throughout. The building is LEED Gold and Energy Star certified.

Douglass E. Karp

“New England Development has been working in greater Palm Beach for almost a decade with Palm Beach Outlets and the White Elephant Palm Beach, and we are very encouraged with the momentum in the downtown commercial real estate market,” Douglass Karp, President of New England Development, said.

 “We have been looking at this area closely and have an extraordinary team handling the exciting acquisition of One Clearlake, an exceptional location in West Palm Beach.” 

This month, Bloomberg reported that global investment firm Goldman Sachs plans to open a downtown West Palm Beach office. Numerous other out-of-state financial firms have also recently announced plans to expand to the city.

The One Clearlake transaction was arranged by JLL.

 

 Contacts:

Eric Kalis

954-370-8999

ekalis@boardroompr.com

 

 

Daniel Benjamin

Senior Account Executive

 BoardroomPR

dbenjamin@boardroompr.com

O 954-370-8999

C 954-618-8287

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Suite 320 | Fort Lauderdale, FL 33322

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 www.triceracap.com. 

www.rockpoint.com.

www.NEDevelopment.com.

 ben@triceracap.com.