The Real Deal Miami

West Palm Beach office building sells for $71M

Esperante Corporate Center acquired by Crocker, Cornerstone venture

December 04, 2013 09:45AM

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Esperante Corporate Center

Esperante Corporate Center

The $71 million sale of trophy downtown West Palm Beach office building Esperante Corporate Center has closed, The Real Deal has learned.

CREF Esperante acquired the 17-story building at 222 Lakeview Avenue, according to Palm Beach County records. The transaction closed on Nov. 26. It was recorded by the county on Monday.

No financing was recorded.

Connecticut firm Cornerstone Real Estate Advisers is identified as the manager of CREF Esperante. Cornerstone is believed to be partnering with Boca Raton-based Crocker Partners on the acquisition. Crocker is expected to manage the building and Cushman & Wakefield will take over leasing.

The seller is a company managed by CBRE Global Investors.

Esperante got a pre-sale boost when law firm Cole Scott & Kissane agreed to lease 50,000 square feet at the building. The firm is relocating from the Sabadell United Bank building at 1645 Palm Beach Lakes Boulevard. That makes up for the upcoming departure of law firm Akerman. — Eric Kalis

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