Tricera Capital Acquires 221K-SF Office Tower in West Palm Beach
Private equity real estate manager Velocis has divested from One Clearlake, a 221,079-square-foot office tower in West Palm Beach. The sales price was not disclosed.
Located in downtown West Palm Beach, the 18-story tower was repositioned from a Class B to a Class A asset by Velocis during the course of ownership. The repositioning allowed Velocis to capture one of the market’s largest tenants, Intech Investment Management. The office tower is currently 61% leased with other high-profile tenants including Mass Mutual, Prudential and Truist Financial Corp.
Ike Ojala, Hermen Rodriguez, Matthew McCormack and Cody Brais of JLL represented Velocis in the transaction. The buyer was Tricera Capital LLC. In addition, JLL worked on behalf of the buyer to secure an acquisition loan for the property.
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector.
Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA.
David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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