WEST PALM BEACH, FL – June 30, 2021 – 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.
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. 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.
“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.”
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.
“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.”
Palm Beach County has experienced major employment and population growth, and the trend gained even more steam in late 2020. The county had an estimated 11.4% population growth between 2010 and 2020, with a lot more to come between 2020 and 2025, according to Esri.
“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.
For leasing inquiries, contact Tricera’s Mandell at ben@triceracap.com.
About Tricera Capital: Miami-based Tricera Capital is a real estate investment firm focused on value-add, urban retail, office and mixed-use investments and developments throughout the United States. Since launching in 2017, Tricera’s principals have leveraged their institutional real estate experience, relationships and entrepreneurial spirit to create off-market opportunities and quickly amass a portfolio in select target markets. The principals are seasoned real estate professionals with deep track records of success in deal sourcing, acquisitions, syndication and leasing. Their experience enables Tricera Capital to strategically identify and execute deals and move swiftly to create value by repositioning assets and upgrading the tenancy to deliver superior returns to investors. For more information, visit www.triceracap.com.
About Rockpoint Group: Rockpoint Group, L.L.C. (“Rockpoint”) is a real estate private equity firm headquartered in Boston and with additional primary offices in San Francisco, Dallas and London. Rockpoint employs a fundamental value approach to investing and targets select product types located in major markets in the United States. Rockpoint utilizes a consistent strategy across distinct return profiles through its opportunistic and growth and income investment programs. Rockpoint targets assets with intrinsic long-term value, at attractive prices relative to replacement cost and stabilized cash flows, and with particular emphasis on value creation opportunities and complex situations. Since 1994, Rockpoint’s co-founders with others have sponsored 15 commingled funds and related co-investment vehicles through Rockpoint and a predecessor firm. In total, they have raised approximately $25 billion in capital commitments and invested or committed to invest in 435 transactions with a total peak capitalization of approximately $65 billion (inclusive of fund equity, co-investor equity and debt). To learn more about Rockpoint Group, visitwww.rockpoint.com.
About New England Development: For nearly forty years, New England Development has taken a creative, entrepreneurial approach to real estate development and management – delivering and sustaining successful projects across a wide range of property types. These projects transform complex challenges into preferred locations, generate long-term value to communities, afford compelling opportunities for local and national businesses, and offer sought-after experiences to a wide range of consumers. The company is acclaimed for creating some of the country’s most widely-recognized and successful regional centers, as well as multifaceted developments that combine retail, residential, hotel, and office uses. Outlet centers, high-end and street-front retail, airport retail, golf courses, restaurants, and marinas round out New England Development’s robust portfolio. For more information, visit www.NEDevelopment.com.