Crocker Partners Acquires One Town Center and The Plaza

Crocker Partners  announced acquisition of two high-profile office towers in Boca Raton’s Town Center Mall area from MetLife Real Estate  Investors adding 339,000 square feet of Class A space to its growing South Florida portfolio. The two buildings, both originally developed by Crocker entities, are One Town Center and The Plaza, located just south of Glades Road. The two buildings are currently 42 percent leased and major tenants include Wells Fargo and Kayne Anderson Real Estate Advisors.

This latest acquisition, in partnership with Siguler Guff, brings Crocker Partners’ holdings in Boca Raton to more than 616,000 square feet. Earlier this year, Crocker Partners acquired the 277,390-square-foot One Boca Place office center, and the company expects to finalize another major acquisition by year-end that will bring its Boca Raton portfolio to more than one million square feet.

“Buying Class A vacancy in one of South Florida’s most desirable office markets is central to our investment strategy,” said Thomas J. Crocker, Founder and Managing Partner. “Our basis in these assets is a fraction of the cost it would take to replace them and we have significant upside potential as both buildings come with extensive development opportunities.”

Crocker Partners will manage the properties and has engaged Tower CRE for leasing, according to Angelo J. Bianco, Partner. He said Crocker Partners sees upside potential from development of surplus land surrounding the projects. The company, Bianco noted, has deep roots in the Boca Raton market, where it is headquartered and has developed many of the city’s most prominent buildings.  In addition to The Plaza, built as Boca Raton’s first Class A office tower, and One Town Center, home to W.R. Grace and later Tyco, Crocker introduced the City’s two major mixed-use centers, Downtown Boca Raton’s Mizner Park, and suburban Boca Center.

Overall, Crocker Partners’ portfolio now includes more than 8.0 million square feet of office real estate in the Southeast U.S. and Texas, representing more than $1.5 billion invested.

Kaufman Rossin Signs 12,227 Square-Foot Lease

One Town Center continues its successful conversion to a multi-tenant office building with its most recent lease signing. Kaufman Rossin will be relocating to One Town Center after signing a 12,227 square-foot lease. Michael Erickson, Senior Vice President with CBRE handled the real estate transaction on behalf of building owner MetLife, and Curtis Olschansky of The Olschansky Group, LLC represented the tenant.

“We’re excited to be expanding our Boca Raton office by more than 50% with the upcoming move to One Town Center,” said Scott Berger, CPA, a tax & entrepreneurial services principal and leader of Kaufman Rossin’s Boca Raton practice. “As a top 50 accounting firm in the U.S., we need a location that offers room to expand and one that is easily accessible for our clients in Palm Beach County.”

In the last year, the building has undergone a conversion from a single-use Class A office building to a multi-tenant office building. Kayne Anderson Real Estate Advisors (KAREA) leased 12,637 square feet and was the first tenant to sign a lease upon the conversion.

“We are especially pleased that the building is drawing interest from prospective tenants both within and outside of the Boca Raton market,” stated Chuck Davis, Director and Head of the MetLife Southeast Regional Office.

One Town Center, formerly known as the Tyco Building, reentered the Boca Raton leasing market with the largest block of Class A office space in the Glades/West Boca submarket. In addition to amenity upgrades and renovations to the lobby and common areas, the third floor was renovated as a multi-tenant office floor to showcase the building’s flexibility to meet market demand for tenant spaces of all sizes.

“Recent activity has been excellent, as high quality tenants are embracing the opportunity to locate within one of South Florida’s most desirable buildings,” said Michael Erickson, CBRE Senior Vice President. “The renovations and amenities have ensured the building maintains its iconic status.”

About the Kaufman Rossin Group
The Kaufman Rossin Group has represented Florida businesses for 52 years and serves international clients in dozens of countries. The firm is the 50th largest in the U.S., providing traditional accounting, audit and tax services; business, risk and forensic advisory services; and independent fund administration services to the global financial community. The Kaufman Rossin Group has won numerous awards, including repeat honors as the Best Accounting Firm to Work For among large firms nationwide, and recognition as the Best Administrator for single fund managers in the under $30 billion in assets under the administration category. With more than 400 team members, the Group prides itself on offering the resources of a powerhouse, personally delivered. For more information, visit www.kaufmanrossin.com and www.krfs.com.

Relocating to Palm Beach County?

The Business Development Board of Palm Beach County is your one-stop, countywide resource for relocating or expanding your Hedge Fund or Private Equity Firm to Palm Beach County.  In addition to the area’s educated workforce, infrastructure and quality of life One Town Center offers a unique opportunity for your corporate offices.  To learn more about the advantages of relocating your business to Palm Beach County and One Town Center in Boca Raton check out the Business Development Board’s Business+Financial Services brochure here:

http://www.bdb.org/clientuploads/Allie/BDB_Bus+Fin_Bror.pdf

 

Palm Beach County Ranks As One of the Best Places to Open a Corporate Headquarters.

From the Palm Beach County Business Development Board:  Palm Beach County is an ideal corporate headquarters location with an ever-growing number of major companies calling us home. In fact, ‎Palm Beach County ranks as one of the best places to open a corporate headquarters, coming in at #16 out of the top 55 U.S. locations. See who YOU could be keeping company with.  And what better office location than One Town Center!

ShineQuestion: What aviation innovator, headquartered in Palm Beach County since 1959, can boast that one of its high-tech crafts is the title of an acclaimed feature film? Answer In today’s highly competitive business environment, every advantage counts. It is mission-critical to find a location that affords your business every opportunity for success. To that end, Palm Beach County excels in all of these areas: A well-educated workforce, an advantageous pro-business climate, access to high-quality healthcare, a strong housing market, and a great place for your employees raise a family. Find out all THE FACTS Does your business receive the attention it deserves – not just from the obvious places, but from your municipality, your county, and your state? There’s a place where some of the nation’s largest companies are headquartered, and more relocate here every day. A place with a pro-business and highly favorable tax environment – both for you AND your business – with no personal state income tax and no corporate income tax on limited partnerships and sub chapter S-corporations; with a long list of sales and use tax exemptions; a place you already know as one of the most beautiful in the country: Palm Beach County, Florida. Learn more Kelly Smallridge President & CEO The Business Development Board of Palm Beach County, Florida, is the public/private economic development entity for the County and Enterprise Florida, the State’s official economic development organization. Founded in 1982 as a not-for-profit corporation, our primary purpose is to attract and retain new industry, business investment, high-quality jobs, and workforce development through corporate relocations, expansions, and international trade, stimulating economic energy, promoting business diversity, and enriching the County’s vitality. Read More

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Private Equity Firm Kayne Anderson Real Estate Advisors, LLC Signs 12,637 Square Foot Lease

On the heels of its conversion to a multi-tenant office building, One Town Center has signed its first tenant, Kayne Anderson Real Estate Advisors (KAREA). The private equity firm, which is the real estate arm of Los Angeles-based Kayne Anderson Capital Advisors, has signed a lease for 12,637 square feet. Michael Erickson, Senior Vice President with CBRE handled the real estate transaction on behalf of building owner MetLife and CBRE’s Senior Vice President, Jeff Kelly, represented the tenant with the assistance of John Jaspert, Senior Associate.

“We’re excited to make the move to Palm Beach County and to set up offices in a Class A building like One Town Center,” said Al Rabil, managing partner and CEO of Kayne Anderson Real Estate Advisors. “We thank the Palm Beach County Business Development Board, MetLife and CBRE for their efforts to make this a seamless transition for us.”

Instrumental in the deal were the efforts of the Palm Beach County Business Development Board who have been working to bring hedge-fund and private-equity firms to Palm Beach County.
“There has been a significant amount of interest from hedge fund and private equity companies looking to set up offices in Palm Beach County. Approximately 15 have relocated to the area over the past two years,” said Kelly Smallridge, the BDB’s President and CEO.

“We are especially pleased that One Town Center has helped attract new business to the area,” stated Chuck Davis, regional director of MetLife’s Tampa real estate investment office. “It is an exceptional building that has the high-profile, Class A office space needed to accommodate all of Kayne Anderson’s needs.”

Earlier this year One Town Center, formerly known as the Tyco Building, reentered the Boca Raton leasing market with the largest block of Class A office space in the Glades/West Boca submarket. The building has undergone a conversion from a single-use Class A office building to a multi-tenant office building. In addition to amenity upgrades and renovations to the lobby and common areas, the third floor was renovated as a multi-tenant office floor to showcase the building’s flexibility to meet market demand for tenant spaces of all sizes. Kayne Anderson is taking over half of the third floor space.

“This marks the first time in 21 years that tenants have the opportunity to lease space at this address since the property was in a single tenant’s hands for most of its history,” said Michael Erickson, CBRE Senior Vice President. “The renovations have ensured the building maintains its iconic status, drawing interest from prospective tenants both within and outside of the Boca Raton market.”

About One Town Center
As one of the tallest buildings in the market at ten stories, the iconic One Town Center towers above the central Boca Raton landscape with 200,000 square feet of office space. One Town Center was constructed in 1990, before the four-story height restrictions were implemented. Recently renovated, the striking, two-story atrium lobby includes a new marble and wood concierge desk, stylish guest seating areas and modern lighting. The new lighting, finishes, floor coverings and furnishings were selected with particular consideration to environmental sustainability and lasting quality. First floor amenities include a new fitness center with shower/locker facilities, recycling center and a reconfigured lobby to provide for an onsite café. Typical floors of approximately 20,000 square feet feature mostly column free interior space for efficient office layouts. Restrooms and tenant floors are being renovated to include contemporary new lighting, tailored fabric wall coverings and elegant tile floors in the tenant elevator lobbies.
Both building entrances serve as main entrances with water features and multiple glass doors. Parking consists of an adjacent five-level parking garage supplemented with surface parking. With high-end finishes, amenities and high visibility due to its unique height and large site, the building is often used as a point of direction within the area. It is located in the heart of central Boca Raton affording great access to the area’s many amenities. It is within walking distance to Town Center Mall, Boca Center and Glades Plaza, which provide many restaurants at all price points, national and boutique retail, hotels, and more. Located directly across the street from The Town Center Mall and The Plaza office building, One Town Center is two blocks south of Glades Road with entrances on Military Trail and Town Center Road. For more information, visit www.onetowncenter.com

About Kayne Anderson Real Estate Advisors
Kayne Anderson Real Estate Advisors is the private equity real estate arm of Kayne Anderson Capital Advisors, a $21 billion investment management firm with more 30 years of successful experience in the energy, infrastructure, growth capital, real estate and middle market credit sectors. KAREA currently has three funds, with commitments of more than $1.4 billion, investing in specialized niche real estate sectors. They actively seek student housing assets of 500 or more beds in close proximity to large public universities with strong student enrollment growth. The company invests in existing properties on a direct basis and in developments on both a joint venture basis or on a forward take out basis. Kayne Anderson currently controls approximately 16,000 student housing beds, 700 conventional multifamily units, 15,000 self-storage units, and over 250,000 square feet of medical office space. Over the past year, KAREA sold 23 of its assets, 20 of which were included in the largest private sale of a student housing portfolio in history. For more information, visit www.kaynecapital.com

One Town Center Hosts the SFOBA June Luncheon

Over 60 brokers attended the June South Florida Office Brokers Association lunch at One Town Center. Brokers got a look at the building renovations including the new third floor spec space showcasing the new building standards.  Fifteen brokers won American Express gift cards compliments of building owner MetLife and leasing firm CBRE.

 

tyasset's One Town Center SFOBA Luncheon album on Photobucket

New Fitness Center

We are adding amenities as part of the One Town Center transition from a single tenant office building to a multi-tenant building!