Brooklyn-based RedSky Capital, a real estate investment firm under the leadership of Benjamin Bernstein and Benjamin Stokes, has paid $125.75 million for the Esperanté Corporate Center in West Palm Beach, Florida. The office tower was sold by Cornerstone Real Estate Advisers and Crocker Partners, which bought Esperanté for $71 million in 2013 when the property was only 60% leased; the sale at $491 per square foot is a record high for Esperanté. CBRE arranged the deal and found the buyer, 222 Lakeview LLC, which is controlled by RedSky and is an affiliate of a RedSky/JZ LLC.
“Downtown West Palm Beach is a dynamic market, with growing demand for high quality corporate quarters. We were able to add significant value at Esperanté, backfilling space while the market was in recovery,” Angelo Bianco, Crocker Partners partner, said in a statement.
Built in 1989, Esperanté Corporate Center at 222 Lakeview Avenue is one of only three Class A office properties in the market, and was the first in West Palm Beach to achieve the Leadership in Energy and Environmental Design (LEED) EB Gold O&M certification. Cornerstop and Crocker recently completed a $8 million renovation of the property to include WiFi-enabled common areas, a 24/7 lobby attendant, valet parking and a six-story atrium ideal for corporate events. The 20-story building was 98% leased at the time of sale with major tenants including Cole Scott Kissane, Bank of America and the headquarters for Chatham Lodging Trust and Island Hospitality.
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