CREC/Velocis Sign Intech as Anchor Tenant to One Clearlake Centre; Relocate Corporate HQ from CityPlace Tower
CREC – Florida’s leading, independent, full-service commercial real estate firm – today announced that it has signed Intech Investment Management LLC, a global investment management firm with approximately $50 billion under management, as the anchor tenant to One Clearlake Centre in West Palm Beach’s downtown core
Following its long-term tenancy at CityPlace Tower, Intech is relocating its corporate headquarters to the 221,079-square-foot One Clearlake Centre, which is jointly owned by CREC in partnership with private equity real estate manager Velocis. The deal includes Intech taking One Clearlake’s top two floors, totaling approximately 25,000 square feet, with building exterior signage. The firm is scheduled to occupy its new space September 1, 2019.
“Intech truly scrutinized all of their viable options and conducted an intense broad property sweep before they made the decision to select One Clearlake Centre as their new corporate headquarters,” said Carol Greenberg Brooks, president and co-founder of CREC, which also oversees leasing and management of the property. “Central factors that guided the company to relocate were cost efficiency, a best-in-class office opportunity, and proximity to a variety of easily-accessed transportation options for their employees.”
CREC and Velocis, which acquired the asset in July 2017, recently embarked on a multi-million-dollar, extensive capital improvement plan to dramatically transform the property that is anticipated to be completed by February 2019.
“It is encouraging to see that the investments we’re making at One Clearlake Centre are already resulting in major leasing activity,” said Mike Lewis, principal, Velocis. “As we continue to implement our repositioning strategy, we anticipate that leasing momentum will remain strong as tenants continue to flock to Downtown West Palm Beach.”
“After many years at CityPlace Tower, we made the decision to move to One Clearlake Centre based on the variety of unique property offerings, including ease of access for clients and employees to a variety of transportation outlets, and the high-level service given to tenants, which mirrors our brand,” said Justin Wright, chief operating officer and general counsel with Intech.
At the time of purchase, the 19-story office tower, located at 250 South Australian Avenue, was at 47 percent occupancy. Today, with the addition of Intech, the building is at 68 percent as demand for upgraded office space and high-level tenant services continues to climb. Significant improvements to the building include new lobby areas, corridors and bathrooms, a creative tenant lounge, conference center and gym, as well as the integration of CREC’s exclusive wellness program, “Deeper Breath.”
As one of the tallest buildings in the market, One Clearlake Centre affords tenants an ideal location in the West Palm Beach downtown area, with panoramic views of Clear Lake, the city skyline and Atlantic Ocean. The property offers easy access to and from Interstate 95, providing efficient ingress/egress, and is minutes from Clematis Street, CityPlace, and the area’s hottest restaurants, shopping and entertainment district. Additionally, transportation options are paramount, with TriRail and the newly-constructed Brightline station in close proximity. Built in 1986, One Clearlake Centre includes a 5-story, 662-space parking garage. The property is LEED Silver certified and EnergyStar rated.
CREC is the leading, independent, full-service commercial real estate company in Florida with offices in Miami, Orlando and Jacksonville. Since its founding in 1989, CREC has provided fully-integrated real estate services, including brokerage, leasing, management, tenant representation, receiverships, workouts, as well as debt and equity financing. The company continues to uphold its mission of being “Your Florida Partner” through its commitment to providing clients with unrivaled service and a streamlined approach. Through the years, CREC has built a portfolio of more than 13 million square feet across 100-plus properties throughout Florida. For more information, visit www.crec.com.
Velocis consists of two entities: Velocis Funds and Velocis Advisors. Velocis Funds are private equity real estate funds, active in the acquisition, operation/management, and disposition of commercial real estate in the United States. Additionally, Velocis Advisors provides asset management and advisory services to both investors and real estate clients. Additional information about Velocis can be found at velocis.com.