A hotel investment company and its independent management firm are moving their headquarters to the Esperanté Tower in West Palm Beach, leasing agency Cushman & Wakefield announced Tuesday
Chatham Lodging Trust and Island Hospitality, which together manage and have interests in more than 200 hotels in the United States, signed a 27,516-square-foot lease for 10 years at the office tower. The firms were previously in the city of Palm Beach.
“The Class A office market in Downtown West Palm Beach is on fire,” Mark Pateman of Cushman & Wakefield said in a statement. “Quality tenants are looking to stake a claim, with little space available.”
With Chatham closing on its lease, Esperante is now at 87percent capacity. Mark Pateman, Danielle Vennett, and Jon Blunk of Cushman & Wakefield negotiated the lease.
The 17-story building at 222 Lakeview Avenue was purchased in November 2013 by CREF Esperante for $71 million. The company is affiliated with Connecticut-based Cornerstone Real Estate Advisors, which is tied to the building’s manager Crocker Partners.
Chatham has interests in the Courtyard Marriott Fort Lauderdale North/Cypress Creek and the Courtyard Marriott West Palm Beach Airport. — Sean Stewart-Muniz