Tag Archive for: esperante corporate center

Esperanté Corporate Center Lands $145M Refinance As Related Ross Doubles Down On West Palm

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Related Ross and its investment partners have secured a $145 million refinancing for Esperanté Corporate Center, a downtown West Palm Beach office property.

The borrowing group—led by Steve Ross’ West Palm-based Related Ross and joined by JZ Capital Partners and Greenmont Group—obtained the new loan from Hudson Bay Capital Management, according to a company announcement. Eastdil Secured arranged the financing.

The 17-story Esperanté building, located at 222 Lakeview Avenue, totals 256,000 square feet and dates to 1989. The refinancing equates to roughly $566 per square foot.

The ownership team recently completed an $8 million upgrade to the property. The tower is fully leased, with a roster that includes Bank of America, Balyasny Asset Management, and Blue Sea Capital.

Ross first acquired an interest in Esperanté in 2021, early in his broader expansion strategy in downtown West Palm. The property sits next to One Flagler, Related Ross’s newly delivered office tower, and is also close to Phillips Point, the office complex Ross acquired in 2021 for $282 million.

NAI/Merin Hunter Codman Tapped To Lease Iconic West Palm Beach Office Building

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NAI/Merin Hunter Codman announced it has been retained to oversee all leasing for the iconic 20-story, 256,000 square-foot, Esperante Corporate Center located in the heart of downtown West Palm Beach at 222 Lakeview Avenue.

RedSky Capital, which purchased the premier trophy property in 2016 and recently completed over $8 million in property renovations, awarded the leasing assignment to Managing Directors Lesley Sheinberg and Barbara LeBrun, SIOR who will be supported by Commercial Associate Alexandra Bazo with the retail portion of the property being handled by NAI/Merin Hunter Codman’s long-time Retail Service Group Managing Director Bruce Corn.

“Esperante Corporate Center has been an iconic part of the West Palm Beach skyline since 1989. NAI/Merin Hunter Codman has been a force in the Palm Beach County commercial real estate marketplace just as long, if not longer. Their long-term local market leadership, local and global connections, and proven track record made them a perfect fit to represent Esperante,” cited Ben Stokes, Principal of RedSky Capital.

Sheinberg added, “Esperante is a premier commercial property, offering an array of first-class amenities and services. The stunning renovations combined with the exciting retail aspect of the property makes it a highly competitive prospect for out-of-state firms coming to South Florida to take advantage of our favorable and tax-friendly business climate along with our incomparable lifestyle. We are seeing more and more businesses leaving large metropolitan areas and relocating to West Palm Beach in response to the challenges posed by the coronavirus.  Esperante’s owners and our team welcome the opportunity to introduce this one-of-a-kind downtown West Palm Beach jewel to office and retail users across the country.”

Esperante Corporate Center offers a variety of floor plans to suit multiple needs, including build-to-suit and move-in ready options for boutique and corporate headquarter users alike. The building is currently offering ±600-35,000 square feet of office space with full floor opportunities and retail space from ±600-2,400 square feet, including high-visibility café opportunities.

 

One Financial Plaza Fetches $87 Million

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Crocker Partners sold a 28-story office tower in downtown Fort Lauderdale to an affiliate of Walton Street Capital for $86.75 million.

Records show Crocker affiliate One Financial Plaza LLC sold the building at 100 Southeast Third Avenue to W-Crocker Fin Place Owner VIII LLC, which is controlled by Doug Welker, principal of asset management at Walton Street Capital, a private equity firm based in Chicago. The buyer financed the deal with a $61.23 million loan from SunTrust.

The deal marks the first large sale of an office building in Fort Lauderdale this year. It breaks down to about $314 per square foot.

The 276,572-square-foot Class A office building was built in 1972, and was originally known as the Landmark Bank Tower. When it opened, it was the tallest building in Fort Lauderdale, and is now the sixth-tallest, according to Emporis. One Financial Plaza was renovated in 2011, data from Real Capital Analytics shows. Crocker Partners paid $44 million for the 4-acre property in 2011.

Tenants include the Tower Club restaurant on the penthouse level, anchor tenant Regions Bank, Pipeline Workspaces, AXA Advisors and Fowler White Burnett. Pipeline signed a 20-year lease for a full floor at the building and opened in October. One Financial Plaza includes an attached parking garage, a renovated lobby, new gym and conference space and a redesigned entrance, according to a Loopnet listing.

The office tower is about two blocks away from Las Olas Boulevard, which is going through a commercial and residential resurgence. In September, a JP Morgan investment manager sold the Las Olas City Centre office tower to Deutsche Bank for $220 million, marking one of the biggest office deals in South Florida in 2016.

And the sale of One Financial Plaza is the second big office building that Crocker has traded in recent months. The Boca Raton-based investment and management firm, along with Cornerstone Real Estate Advisers, sold the Esperanté Corporate Center in West Palm Beach to RedSky Capital for $126 million in July.

One Financial Plaza’s new owner, Walton Street Capital, has handled more than $8.4 billion of investments from public and corporate pension plans, foreign institutions, insurance companies and banks, endowments and foundations, trusts, and high net-worth individuals, according to its website. Affiliates of Walton Street Capital have invested more than $7.5 billion of equity into the private equity real estate investment firm.

 

Source:  The Real Deal