Velocis has sold West Palm Beach, Florida-based One Clearlake, an office tower. No financial terms were disclosed.
WEST PALM BEACH, Fla. – (July 1, 2021) – Velocis, a private equity real estate manager, has sold One Clearlake, a 221,079-square-foot office tower in downtown West Palm Beach, Florida.
Through its strategy of investing in value-add assets in the Sunbelt states, Velocis repositioned and transformed the 18-story One Clearlake from a Class B to a Class A asset to compete with other best-in-class properties in the competitive West Palm Beach CBD submarket. This 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 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. The pandemic has accelerated job growth in this coastal town, and Velocis was in a great position to capitalize on this momentum,” said Mike Lewis, Velocis partner. “Intech relocating to One Clearlake forever puts the office tower on the map and further upgrades the building’s profile.”
JLL served as the broker of the seller and procured the buyer, Tricera Capital, LLC. Additionally, JLL worked on behalf of the buyer to secure the acquisition loan for the property.
The JLL Capital Markets team representing the seller was led by Managing Director Ike Ojala, Senior Managing Director Hermen Rodriguez, Director Matthew McCormack and Associate Cody Brais.
Financing efforts were led by JLL Capital Markets’ Senior Managing Director Chris Drew, Director Maxx Carney and Brais.
“Downtown West Palm Beach is experiencing an ongoing revolution that is transforming it into the ‘Wall Street of the South,’” Ojala. “This submarket boasts the highest rental rates in Florida and exceptionally strong rental growth since 2013.”
Dallas-based Velocis has been active in real estate since 2010, purchasing 35 assets located in major markets within Arizona, Colorado, Texas, Georgia, Florida, North Carolina, Virginia, Tennessee, and the Washington D.C. Metro Area. Velocis is led by a team of five seasoned partners who are directly responsible for the acquisition, asset management and disposition of assets. Velocis partners include Fred Hamm, Mike Lewis, Jim Yoder, Paul Smith, and David Seifert.
Velocis is a private equity real estate investment firm, active in the acquisition, operation/management, and disposition of commercial real estate in the United States. Additional information about Velocis can be found at velocis.com.