CREC in partnership with private equity real estate manager Velocis, has engaged in a multi-million-dollar strategic capital improvement program for One Clearlake Centre in West Palm Beach’s downtown core.
As a result of major upgrades underway and the overall strategy for the asset, tenant interest has escalated with the signing of four new leases – Rubenstein Law, Cunningham Law Firm, Aon and Reid Burman Lebedeker.
The 19-story, Class A office tower, located at 250 South Australian Avenue, was purchased in July 2017 as a joint venture between CREC and Velocis. At the time of acquisition, occupancy was at 47 percent for the 221,079-square-foot building. The subsequent implementation of a strong leasing strategy and launch of the extensive repositioning plan, to be completed in second quarter 2019, has already begun attracting a diverse customer base, who seek value-oriented office space in a revitalized location.
“We are driving a true transformation at One Clearlake Centre during opportune market conditions by delivering upgraded office space that is organically establishing its own demand,” said Carol Greenberg Brooks, president and co-founder of CREC, which also oversees leasing and management of the property. “These initial leases reflect the market’s quick and positive response to our capital plan, as well as the new ownership of CREC and Velocis. We are confident in our ability to deliver a high level of service to all of our tenants and bring best-in-class office space to the downtown area.”
“From the onset, One Clearlake Centre was identified for its inherent value and unique market position in the prime downtown West Palm Beach corridor, which is in the midst of a complete revitalization,” said Mike Lewis, Velocis principal. “We are greatly satisfying the goals for this asset quickly, both internally as a partnership and externally among customers. As we further establish multi-tenanted spaces that cater to market expectations, we will continue to attract substantial interest.”
Major improvements to One Clearlake Centre 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.”
The property offers easy access to and from Interstate 95. Additionally, TriRail and the newly-constructed Brightline station are 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.