PALM BEACH, FL—Crocker Partners and Cornerstone Real Estate Advisors have acquired Esperanté, one of South Florida's landmark office buildings, from CBRE Global Investors. Financial terms of the deal were not disclosed.

Esperanté is one of only three trophy class A office properties in the West Palm Beach submarket, where the two competing properties are near full occupancy. Crocker will manage the 20-story, 256,151-square-foot building.

“The purchase of Esperanté is consistent with Cornerstone's global strategy of targeting high quality, high profile commercial properties,” says Kevin Miller, vice president of Eastern Region Acquisitions for Cornerstone. Built in 1989, the Esperanté tower is located at 222 Lakeview Ave. and has maintained its market-leading position with $8 million in tenant and building renovations since 2009.