Joint Venture Acquires One Clearlake Office Building in Downtown West Palm Beach for $60.7M
WEST PALM BEACH, FLA. — Tricera Capital, New England Development, NDT Development and Rockpoint Group have acquired One Clearlake, an office building in downtown West Palm Beach. JLL arranged the $60.7 million sale. Velocis, a private equity real estate manager, was the seller.
Located on three acres at 250 S. Australian Ave., One Clearlake is 2.3 miles from Palm Beach and 3.4 miles from Palm Beach International Airport.
The 18-story property has more than 220,000 square feet of rentable space, with an average floor plate of nearly 13,000 square feet. One Clearlake’s attached 669-space garage provides a parking ratio of three spaces per 1,000 square feet. The building’s amenities include 24-hour security, a new tenant lounge, fitness center and an onsite café.
Built in 1986, the office tower recently underwent renovations to the lobby and other building elements. The building is LEED Gold- and Energy Star-certified.
The property was 62 percent leased when it was put under contract. Prior to closing, Tricera and its partners successfully executed two new leases at the building. In addition, the new ownership is heading to lease with another large user, which the joint venture expects to finalize soon. The building’s tenant roster includes Intech Investment Management, BB&T, CenterState Bank, Prudential and law firms Day Pitney and Rosenbaum Mollengarder.