Chatham Lodging Trust and Island Hospitality will relocate their headquarters to downtown West Palm Beach’s Esperanté Tower under a 27,516 square-foot, 10-year lease.
Mark Pateman, Danielle Vennett, and Jon Blunk of Cushman & Wakefield, leasing agents for the building, negotiated the lease, which brings Esperanté to 87 percent occupancy.
“The Class A office market in Downtown West Palm Beach is on fire,” said Pateman. “Quality tenants are looking to stake a claim, with little space available.”
“A corporate headquarters is an ideal fit with Esperanté’s high quality tenant mix. We’re pleased Chatham Lodging Trust took advantage of this opportunity to consolidate operations from locations around the Town of Palm Beach. It’s good news for Downtown West Palm Beach, as well as for Esperanté,” said Angelo Bianco, Partner with Crocker Partners, which manages the building.
Chatham Lodging Trust is a hotel real estate investment trust (REIT) focused on investing in upscale extended-stay hotels and premium branded select-service hotels. The company owns interests in 130 hotels in 15 states and the District of Columbia totaling 17,858 rooms/suites, including 34 hotels it wholly owns. Island Hospitality Management is a leading, national, third-party, independent management company. It operates more than 140 hotels under 18 different brands, primarily premium select-service hotels, upscale, extended-stay properties, and upscale hotels, in 29 states and the District of Columbia.
According to Pateman, the decision-makers cited Esperanté ‘s Class A environment, location and amenities as a strong draw for recruiting and retaining top employees.
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