Tricera Capital Acquires Office Tower In West Palm Beach

Private equity real estate manager Velocis has divested from One Clearlake, a 221,079-square-foot office tower in West Palm Beach. The sales price was not disclosed.

Located in downtown West Palm Beach, the 18-story tower was repositioned from a Class B to a Class A asset by Velocis during the course of ownership. The repositioning allowed Velocis to capture one of the market’s largest tenants, Intech Investment Management. The office tower is currently 61% leased with other high-profile tenants including Mass Mutual, Prudential and Truist Financial Corp.

Ike Ojala, Hermen Rodriguez, Matthew McCormack and Cody Brais of JLL represented Velocis in the transaction. The buyer was Tricera Capital LLC. In addition, JLL worked on behalf of the buyer to secure an acquisition loan for the property.