Tag Archive for: one clearlake

West Palm Office Tower Trades For $55 Million

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Stephen Ross has expanded his footprint in downtown West Palm Beach with the $55.4 million purchase of the One Clearlake office tower. His firm, Related Ross, acquired the 18-story building at 250 South Australian Avenue from Bradford Allen Investment Advisors and financed the deal with a $40 million loan from City National Bank of Florida.

Built in 1987 on nearly 3 acres, One Clearlake totals roughly 221,700 square feet and includes a four-story parking garage with 669 spaces. About 20 percent of the office space is currently available for lease, according to the company. Current tenants range from financial and legal services firms to nutrition and loan offices.

This acquisition adds to Related Ross’ growing West Palm Beach portfolio, bringing the firm to at least 11 office assets downtown when accounting for existing, newly acquired, and planned projects. The building also sits next to the WPTV studio and office property on Banyan Boulevard—another nearby site the company purchased for $40 million earlier this year. Together, the two properties give Related Ross control of approximately 7.6 contiguous acres along Clear Lake.

While the combined sites present long-term redevelopment potential, any major changes will have to wait. WPTV’s parent company, The E.W. Scripps Company, has committed to remain in its building for at least another two and a half years.

One Clearlake has already changed hands twice in 2025. Bradford Allen bought it in May for $45 million—roughly 26 percent below its 2021 price, when a group of investors that included Rockpoint, New England Development, Tricera, and NDT Development paid $60.7 million for the property.

 

Source:  The Real Deal

CBRE Tapped To Lease, Manage West Palm Beach Office Tower

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CBRE was selected to lease and manage One Clearlake Centre, a 236,500-square-foot, 18-floor Class A office tower and home to KRES Commercial, located at 250 South Australian Avenue in West Palm Beach.

CBRE will market the property on behalf of AEW Capital Management (AEW), and will provide leasing, property management, project management and technical services.

The most visible downtown building from I-95, One Clearlake is a LEED Silver-certified property offering exceptional views of West Palm Beach and water views from each floor. The property’s location and size make it an attractive asset in a market that is generating interest from both local and national tenants.

“There’s a lot of market momentum right now and Palm Beach County’s aggressive and largely successful efforts to lure firms from California and New York City have ratcheted up that competition even more,” said Ken Krasnow, CBRE South Florida’s Managing Director. “One Clearlake has headquarters appeal because it’s highly visible from I-95, it offers the largest block of vertically contiguous space in the county and it is close to the central business district and all of its amenities.”

CBRE’s Investor Services Group, led by Senior Managing Director Patricia Nooney, will provide executive oversight to the leasing, property management and capital improvements. “We are thrilled to have the opportunity to work with AEW, one of the world’s leading real estate investment advisors,” said Ms. Nooney. “We’re confident that the disciplines and resources CBRE brings to this major assignment in downtown West Palm Beach will enable us to deliver exceptional service and ensure the property is maintained at levels consistent with an institutional-quality product.”

CBRE Vice President Anthony Librizzi will provide leasing services for the property with Associate Josh Nolan. The CBRE Asset Services team at the property will be led by South Florida Director Lisa Jesmer. Project Management will be led by Managing Director Greg Main-Baillie, and Technical Services by Director David Day. Michelle Horn is the Senior Real Estate Manager and Wayne Stracke is the Chief Engineer.