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