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CREC, Velocis Add Anchor Tenant to WPB Office Tower

CREC and Velocis have signed a 25,000-square-foot lease with Intech Investment Management as the anchor tenant at One Clearlake Centre, a LEED Silver-certified office tower in downtown West Palm Beach, Fla. Intech plans to relocate its corporate headquarters to the 221,079-square-foot property in September 2019.

The investment management firm will occupy the top two floors at One Clearlake Centre. The deal also includes building exterior signage for Intech. Following its long-term tenancy, the company is downsizing and leaving behind 50,000 square feet at CityPlace Tower, according to Yardi Matrix.

Located at 250 S. Australia Ave., One Clearlake Centre was completed in 1986 and is undergoing an expansive renovation program. The multi-million refurbishment includes new lobby areas, corridors and bathrooms, conference center and gym, a creative tenant lounge and CREC’s wellness program known as Deeper Breath. The property also features a five-story, 662-space parking garage.

Occupancy on the rise

Current ownership acquired the 19-story building in July 2017, when the property was 47 percent leased. The addition of Intech brings the property’s occupancy rate to 68 percent. One Clearlake Centre, one of the tallest buildings in the market, is close to the area’s numerous restaurants, entertainment and shopping venues such as Clematis Street and CityPlace. Additionally, TriRail and the recently constructed Brightline station are also nearby.

“Intech truly scrutinized all of their viable options and conducted an intense broad property sweep before they made the decision to select One Clearlake Centre as their new corporate headquarters,” Carol Greenberg Brooks, president & co-founder of CREC, said in prepared remarks. CREC also oversees leasing and management services at the property.

“As we continue to implement our repositioning strategy, we anticipate that leasing momentum will remain strong as tenants continue to flock to downtown West Palm Beach,” added Mike Lewis, principal at Velocis.

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SoFla lease roundup: Intech leaving CityPlace West Palm for One Clearlake Centre & more

Global investment management firm Intech is making a big transfer.

The company is planning to move its headquarters out of Related Companies’ CityPlace Tower and into the 221,000-square-foot One Clearlake Centre office high-rise in West Palm Beach.

Intech inked a 25,000-square-foot lease and will be filling up the tower’s top two-floors, according to a press release. The deal also gives the company exterior signage. The firm, which has about $50 billion under its management, is scheduled to occupy its new space by September 2019.

The lease brings the 19-story office tower at 250 South Australian Avenue to 68 percent leased, with asking rents in the tower ranging from $40 per square foot to $45 per square foot, CREC’s leasing director Mark Goldstein said. Other tenants in the building include Richman Greer law firm, Rosenbaum Mollengarden PLLC, BB&T, Prudential and Northwestern Mutual.

Built in 1986, One Clearlake Centre includes a five-story, 662-space parking garage. CREC’s Carol Greenberg Brooks, Goldstein and Robert Dabrowski oversee leasing and management of the property.

Velocis, a private equity real estate manager, paid $42.3 million for the property in July with CREC. The joint venture invested millions into renovating the building, including revamping its lobby areas, corridors and bathrooms. The partnership also added a creative tenant lounge and offers tenants a new wellness program.

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Velocis Sells 152,935 SF Office Complex in Metro Atlanta to Simpson Organization

ALPHARETTA, GA. — Dallas-based Velocis, a private equity real estate manager, has completed the disposition of Royal Centre One, a Class A office complex located in Alpharetta, a northern suburb of Atlanta. The Simpson Organization acquired the property for an undisclosed price.

Situated within the master-planned Royal 400 office park, the asset features 152,935 square feet of office space across multiple buildings spanning 12 acres along the Georgia 400 corridor. Velocis originally acquired the property in 2013 and has raised occupancy from 53 percent to just under 80 percent, at the time of sale. Samir Idris, David Meline, Andy Johns, Stewart Calhoun and Casey Masters of Cushman & Wakefield represented the seller in the deal.

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Velocis Sells Royal Centre One in Atlanta Submarket

ATLANTA – (Oct. 2, 2018) – Velocis, a private equity real estate manager, has sold Royal Centre One, a 152,935-square-foot Class A office complex in the Atlanta suburb of Alpharetta, Ga. The Simpson Organization purchased the property for an undisclosed price.

“When we purchased Royal Centre One, we saw an opportunity to invest in a property with not only a premier address, but also unique characteristics,” said Jim Yoder, partner, Velocis. “As with all of our investments, our goal was to identify and unlock value in the property. Our understanding of the local market, along with some patience and restraint, played a major role in our ability to increase occupancy and raise rental rates with minimal investment, and ultimately, dispose of the asset at the optimal time.”

Velocis purchased the property, which is located at in the heart of the Royal 400 master-planned office park, in 2013 and has since raised occupancy from 53 percent to just under 80 percent. The buildings are situated over 12 acres along the GA 400 corridor. The asset offers tenants easy access to amenities including North Point Mall and the Avalon mixed-use development. Samir Idris, David Meline, Andy Johns, Stewart Calhoun and Casey Masters of Cushman and Wakefield represented the owner.

Dallas-based Velocis has been active in real estate investment since 2011, purchasing 28 assets located in markets in Texas, Colorado, Georgia, Florida, Arizona, Virginia, North Carolina, and the Washington, D.C. corridor. Velocis is led by a team of five seasoned partners who are directly responsible for the acquisition, asset management and disposition of assets. Partners in Fund II are Fred Hamm, Mike Lewis, David Seifert, Paul Smith and Jim Yoder.

About Velocis

Velocis consists of two entities: Velocis Funds and Velocis Advisors. Velocis Funds are private equity real estate funds, active in the acquisition, operation/management, and disposition of commercial real estate in the United States. Additionally, Velocis Advisors provides asset management and advisory services to both investors and real estate clients. Additional information about Velocis can be found at velocis.com.

This does not constitute an offer to sell, or a solicitation of any offer to buy any securities or investment advice, nor is it intended to be a description of all material factors an investor should consider before making any investment.