The lease allows Tricera to seamlessly backfill space to be vacated by Comerica Bank, which is moving out of 1675 Midtown when its lease expires in June 2023.
Tricera is scheduled to deliver possession to its tenants by Q4 2022.
Tricera and Merrimac closed the acquisition of the ±16,500 square feet of retail and restaurant space in August 2020
Tricera acquired the buildings for $13.25 million in January 2019.
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.
Echelon Fitness is set to occupy 10,035 square feet.
This site is composed of a 5,206-square-foot single tenant retail building sitting on a 46,494-square-foot lot.
Developed by RedSky Capital, LLC, the property is an 8-story building with approximately 100,000 square feet of office and retail with a verdant rooftop terrace.
Tricera Capital obtained $50.75 million in financing for the adaptive re-use project.
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