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West Palm office tower scores $39M loan
The building was renovated in 2019
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.