Search
 

Crocker Partners Sells Office Building Trades for $126M

MIAMI—“West Palm Beach office rental rates reached a record high this year, making the sale timely.”

By Jennifer LeClaire | jenniferleclaire | | Updated on July 29, 2016
This 256,100-square-foot building in Downtown West Palm Beach is the first Florida office property in RedSky's portfolio. This 256,100-square-foot building in Downtown West Palm Beach is the first Florida office property in RedSky’s portfolio.
MIAMI—Esperanté, one of South Florida’s landmark office buildings, has traded hands. RedSky Capital acquired the office building from Crocker Partners and Cornerstone Real Estate Advisers , a real estate firm acting on behalf of an institutional investor, for $125.75 million. The office asset previously sold for $71 million 2013 . RedSky, which owns, operates and develops real estate mostly in the New York Metro area, retained Crocker to manage the 20-story building. This 256,100-square-foot building in Downtown West Palm Beach is the first Florida office property in RedSky’s portfolio. The firm owns a significant amount of retail space in Miami. “West Palm Beach office rental rates reached a record high this year, making the sale timely,” Angelo Bianco , a partner with Crocker Partners, tells GlobeSt.com. “With pent-up demand for premium space, and no new construction yet underway, Esperante is well positioned for its new owners.” Cornerstone joined forces with Crocker Partners, a real estate owner and manager with a portfolio in excess of $2 billion, to acquire Esperanté in December 2013. CBRE Capital Markets vice chairman Chris Lee , vice president Jose Lobon , and financial analyst Andrew Chilgren , and CBRE Debt & Structured Finance vice president Amy Julian . Built in 1989, Esperanté, at 222 Lakeview Avenue, is one of three class A office properties in the market. The office tower was West Palm Beach’s first to achieve the Leadership in Energy and Environmental Design (LEED) EB Gold O&M certification. The joint venture acquired Esperanté at 60% occupancy and sold it at 98% occupancy. That’s the lowest vacancy rate in the buiding’s 27-year history. Cole Scott Kissane , Bank of America, Chatham Lodging Trust , and Island Hospitality are among the major office tenants. Says Bianco, “We were able to add significant value at Esperanté, backfilling space while the market was in recovery.”  

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.