Velocis Snags WPB Office TowerBy
Velocis has completed the purchase of One Clearlake Centre, a 218,461-square-foot, Class A office tower in West Palm Beach, Fla. Joint venture partner CREC will provide management and marketing services at the 18-story property. CBRE represented the seller, AEW Capital Management, in the transaction, while also procuring acquisition financing on behalf of the borrower/buyer.
The new ownership plans to invest into a multi-million-dollar capital improvement project and implement an active marketing program. Renovations at One Clearlake Centre will include new public spaces such as lobbies, corridors and bathrooms, as well as the creation of a tenant lounge and a new conference center. In addition, the modernization plan will entail the development of multiple spec suites to cater market demand for move-in-ready spaces…
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