Velocis has sold One Clearlake, a 221,079-square-foot office tower in downtown West Palm Beach, Fla. Tricera Capital is the buyer; however, the financial terms were not disclosed.
“One of our core values is to pursue value-add assets in business-friendly environments that can support substantial job growth, and West Palm Beach is a perfect example of this. The pandemic has accelerated job growth in this coastal town, and Velocis was in a great position to capitalize on this momentum,” said Mike Lewis, Velocis partner. “Intech relocating to One Clearlake forever puts the office tower on the map and further upgrades the building’s profile.”
Through its strategy of investing in value-add assets in the Sun Belt states, Velocis repositioned and transformed the 18-story One Clearlake from a class B to a class A asset to compete with other best-in-class properties in the competitive West Palm Beach CBD submarket. This repositioning allowed Velocis to capture one of
