Revised July 26, 2016
Cornerstone Real Estate Advisers LLC, acting on behalf of an institutional investor, and Crocker Partners LLC today announced the sale of Esperanté, one of South Florida’s landmark office buildings, to RedSky Capital of Brooklyn, New York.
The West Palm Beach office tower sold or $125.75 million, according to a deed made public Tuesday.
Crocker Partners has been retained to manage the 20-story building for RedSky Capital, which owns, operates and develops real estate primarily in the New York Metro area. This 256,100-square-foot building in downtown West Palm Beach is the first Florida office property for RedSky, which owns significant retail space in Miami.
Cornerstone joined forces with Crocker Partners, a fully integrated real estate owner and manager with a portfolio in excess of $2 billion, to acquire Esperanté in December 2013 for $71 million. The CBRE team handling the marketing and sale of Esperanté for the owners included CBRE Capital Markets Vice Chairman Chris Lee, Vice President Jose Lobon and Financial Analyst Andrew Chilgren, and CBRE Debt & Structured Finance Vice President Amy Julian.
The award-winning tower, acquired by the sellers at 60 percent leased, was sold at 98 percent occupancy – the highest in its 27-year history –following substantial renovations including a new porte-cochére and arrival point. Major new tenants include Cole Scott Kissane, Bank of America and the headquarters for Chatham Lodging Trust and Island Hospitality.
Built in 1989, Esperanté, at 222 Lakeview Ave., is one of only three Class A office properties in the market, and was the first in West Palm Beach to achieve the Leadership in Energy and Environmental Design (LEED) EB Gold O&M certification.
Crocker Partners brings in-depth market knowledge to its ongoing management of Esperanté. The company currently owns and manages the 293,000-square-foot Northbridge Centre, a joint venture with Greenfield Partners, as well as 125 Worth Avenue and 400 Royal Palm Way in the Town of Palm Beach, and was co-developer of the 300,000-square-foot City Place Tower.
“Downtown West Palm Beach is a dynamic market, with growing demand for high quality corporate quarters. We were able to add significant value at Esperanté, backfilling space while the market was in recovery. We look forward to supporting the new owner’s efforts to capitalize on Esperanté’s position as a choice property in a very tight market,” said Angelo Bianco, partner in Crocker Partners.
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