CBRE Awarded Listing Assignment For 18-Story Office Building In West Palm Beach

CBRE’s John Criddle, Joe Freitas, and Chris Smith have been awarded the exclusive listing assignment for One Clearlake, an 18-story Class A office building in West Palm Beach.

The LEED Gold- and Energy Star-certified building, located at 250 South Australian Avenue, is home to a diverse tenant roster, including companies in the finance, legal and insurance industries. The building’s amenities include an on-site café, tenant lounge, conference center, attached covered parking garage, and 24-hour security. It also features a 1,500-square-foot gym with treadmills, elliptical, free weights, aerobic area, and two shower rooms with day lockers open 24/7.

Property renovations have been announced by the new ownership, a partnership of Miami-based Tricera Capital, Palm Beach-based NDT Development, Boston-based New England Development, and Boston-based Rockpoint Group. Renovations to the 221,079-square-foot office tower will begin immediately, including common area enhancements, new furniture/fixtures, elevator landing modernization and tenant lounge upgrades. Additionally a high-end spec suite program will offer prospective tenants ready-to-occupy office solutions with spaces ranging from 1,500 to 4,100 square feet.

“The team is laser focused on delivering a comprehensive amenity package that will enhance the tenant experience at a rental rate discount to comparable options in the Central Business District,” said Mr. Smith, a Senior Associate with CBRE.  

Ownership is also planning extended wellness offerings for tenants. Currently the property offers complimentary weekly yoga classes, healthy snacks in the tenant lounge and a complimentary UBER service connecting One Clearlake to Downtown West Palm Beach. This month the property will begin to offer a walking program and in February a doctor will be available onsite monthly for physicals, flu-shots, and general medical visits.

According to CBRE Research, Palm Beach County recorded over 144,000 square feet of positive absorption in the third quarter, the strongest quarter since the third quarter of 2016.

“Although 2021 was a transformational year for the West Palm Beach office market, our CBRE team believes 2022 will be even more exciting as the downtown market continues to mature. One Clearlake is well positioned to take advantage of the tenant migration and growth within the downtown core, and we believe this property is an exceptional choice for both existing and new-to-market tenants looking for quality product to promote a return to the office,” said Mr. Criddle, an Executive Vice President at CBRE.