West Palm office tower scores $39M loan

The building was renovated in 2019

TRD MIAMI /
Apr.April 13, 2020 06:00 PM
One Clearlake Centre, JLL Capital's Maxx Carney, Chris Drew and Ike Ojala

One Clearlake Centre, JLL Capital’s Maxx Carney, Chris Drew and Ike Ojala

Velocis and CREC Capital scored a $39 million in refinancing for a Class A office tower in West Palm Beach.

Dallas-based Velocis and Miami-based CREC Capital secured the loan for One Clearlake, an 18-story, 221,079-square-foot building at 250 South Australian Avenue, from Prime Finance, according to a press release.

One Clearlake is close to downtown West Palm Beach and to the Brightline train station.

JLL’s Maxx Carney, Chris Drew, Ike Ojala and Cody Brais represented the borrower in the deal.

Velocis and CREC acquired the office building for $42.3 million in 2017 from AEW Capital Management, records show.

The office building was built in 1986 and was renovated in 2019, according to LoopNet.

West Palm Beach has a limited supply of new office buildings, but developers are seeking to build Class A buildings in the coming years.

The Related Companies, led by Stephen Ross, plans to build One Flagler, a 25-story office tower at 134 and 142 Lakeview Avenue and 809 South Flagler Drive in downtown West Palm Beach.

The building is planned to have more than 200,000 square feet of office space, a lobby, restaurant and reading room on the ground floor, and public open space that would include a reflection pool. David Childs of Skidmore, Owings & Merrill, who designed One World Trade Center in New York City, is designing One Flagler.


Related Articles

arrow_forward_ios
UDT CEO Henry Fleches and Midtown Capital CEO Alejandro Velez with 2900 Monarch Lakes Boulevard (Miramar Parks & Rec, Midtown Capital, Cushman & Wakefield)

Midtown Capital Partners buys Miramar office center for $23M

Midtown Capital Partners buys Miramar office center for $23M
Despite record high office vacancies across South Florida, average asking rates hit new highs

South Florida Q3 office rents hit record high, despite higher vacancies

South Florida Q3 office rents hit record high, despite higher vacancies
Tere Blanca and the Aventura office complex (Credit: Google Maps)

Aventura office complex Optima inks new leases

Aventura office complex Optima inks new leases
2290 and 2328 10th Avenue N, Lake Worth

Lake Worth Beach office buildings sell for $11M

Lake Worth Beach office buildings sell for $11M
Blackstone's Jonathan Gray and Stephen Schwarzman (Getty, iStock)

Blackstone to open office in South Florida

Blackstone to open office in South Florida
From left: Chris Maling, Donald K. DeWoody Jr., David Maling, and Alfredo Sanchez

North Palm Beach mixed-use property hits the market for $45M

North Palm Beach mixed-use property hits the market for $45M
Pablo Cejas, Bill Kerdyk, and 147 Alhambra Circle

Pablo Cejas adds to downtown Coral Gables assemblage

Pablo Cejas adds to downtown Coral Gables assemblage
Tony Robbins and 2951 Electronics Way, West Palm Beach (Getty, Google Maps)

Tony Robbins buys West Palm Beach warehouse for production studio

Tony Robbins buys West Palm Beach warehouse for production studio
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...