WEST PALM BEACH, FLA. — Bradford Allen Investment Advisors has acquired One Clearlake, an 18-story office tower located at 250 S. Australian Ave. in downtown West Palm Beach. The Chicago-based buyer plans to invest $10 million to fully renovate the 221,661-square-foot property to include a new roof, updated elevator system and fitness center, reimagined tenant lounge and a newly constructed conference center. Additionally, Bradford Allen plans to build four move-in-ready spec suites on one floor that will be ready for delivery by the fourth quarter.
Situated near South Florida’s Tri-Rail and Brightline rail services, One Clearlake was originally built in 1986 and is LEED Gold- and Energy Star-certified.
Christian Lee, Amy Julian, Andrew Chilgren, Tom Rappa, Matthew Lee and Sean Kelly of CBRE’s National Office Partners of Florida represented the seller in the transaction. Bradford Allen will provide asset and property management services at the property, while Jon Blunk and Laurel Oswald of TCRE will handle leasing negotiations.
The transaction marks Bradford Allen’s second office acquisition in South Florida following its purchase of 350 and 450 E. Las Olas Blvd. in Fort Lauderdale in February.