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Velocis Exits West Palm Office Investment After Repositioning
Velocis has sold One Clearlake, a 221,079-square-foot office tower in downtown West Palm Beach. Terms of the sale weren’t disclosed.
The Dallas-based private equity real estate manager repositioned and transformed the 18-story One Clearlake from a Class B to a Class A asset, in the process securing one of the market’s largest tenants, Intech Investment Management. The office tower is currently 61% leased with other tenants including Mass Mutual, Prudential and Truist Financial Corporation, among others.
“One of our core values is to pursue value-add assets in business-friendly environments that can support substantial job growth, and West Palm Beach is a perfect example of this,” said Mike Lewis, Velocis partner.
JLL’s Ike Ojala, Hermen Rodriguez, Matthew McCormack and Cody Brais procured the buyer, Tricera Capital, LLC. Additionally, JLL’s Chris Drew, Maxx Carney and Brais worked on behalf of the buyer to secure the acquisition loan for the property.
- ◦Sale/Acquisition
