West Palm Beach office tower sold for $61M

June 30, 2021

The 18-story One Clearlake Centre office in downtown West Palm Beach sold for $60.7 million.

Velocis Clearlake SPE LLC, a partnership between Velocis and CREC Capital, sold the 220,000-square-foot office at 250 S. Australian Ave. to a partnership of Miami-based Tricera Capital, Palm Beach-based NDT Development, Boston-based New England Development and Boston-based Rockpoint Group. The deal was brokered by JLL. The price equated to $276 a square foot for the offie space. It also includes a 669-space parking garage. 

One Clearlake Centre last traded for $42.3 million in 2017, so it gained in value. 

The tower was developed on the 2.9-acre site alongside a lake in 1987. 

Tricera Capital is also building the Press mixed-use project in West Palm Beach.

“We are very excited about the One Clearlake acquisition, and continue to be extremely bullish on the city and its long-term growth,” Tricera co-founder and Managing Principal Ben Mandell said. “The building’s location, quick easy access to the interstate, sublime water views, upscale finishes and flexible floor plates make OCL an ideal fit for any local, national or global company that desires to be in downtown West Palm Beach.”

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