West Palm office tower scores $39M loan

The building was renovated in 2019

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
American Commercial Realty buys North Palm Beach property for $36M
American Commercial Realty buys North Palm Beach property for $36M
American Commercial Realty buys North Palm Beach property for $36M
IMC Equity grabs another Hialeah office building for $15M
IMC Equity grabs another Hialeah office building for $15M
IMC Equity grabs another Hialeah office building for $15M
Denver and Miami firms team up on $73M Doral office park acquisition
Denver and Miami firms team up on $73M Doral office park acquisition
Denver and Miami firms team up on $73M Doral office park acquisition
Canadian firm buys Pompano Beach apartments as part of $3.6B Greystar sale
Canadian firm buys Pompano Beach apartments as part of $3.6B Greystar sale
Canadian firm buys Pompano Beach apartments as part of $3.6B Greystar sale
Cross County Plaza (Madison Properties)
West Palm shopping center foreclosure suit leads to CMBS drama
West Palm shopping center foreclosure suit leads to CMBS drama
Brookfield pays $8M for office building in Boca’s Park at Broken Sound
Brookfield pays $8M for office building in Boca’s Park at Broken Sound
Brookfield pays $8M for office building in Boca’s Park at Broken Sound
Related's Stephen Ross and a rendering of One Flagler (Getty, Related Southeast)
Stephen Ross’ One Flagler office tower in West Palm preserves 100-year-old church, scores tenants, including Estiatorio Milos
Stephen Ross’ One Flagler office tower in West Palm preserves 100-year-old church, scores tenants, including Estiatorio Milos
Teddy Sagi and Jorge Pérez with a rendering of the development
Billionaires Teddy Sagi and Jorge Pérez invest in major transit development in West Palm Beach
Billionaires Teddy Sagi and Jorge Pérez invest in major transit development in West Palm Beach
arrow_forward_ios

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

Loading...