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One Clearlake, West Palm Beach, FL
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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.
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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.
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| 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.
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| 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.”
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Scott Sherman
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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.
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| 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
Bank
of America Plaza | 1776 N Pine Island Road
Suite
320 | Fort Lauderdale, FL 33322
Web | Facebook | LinkedIn | Twitter | Instagram
www.triceracap.com.
www.rockpoint.com.
www.NEDevelopment.com.
ben@triceracap.com.
