PRLog - Dec. 9, 2013 - WEST PALM BEACH, Fla. -- Cornerstone Real Estate Advisers LLC, one of the world's largest real estate investment managers with over $42 billion in assets under management, today announced it has joined forces with Crocker Partners, a Florida based, fully integrated real estate owner and operator with a portfolio in excess of $1 billion, to purchase Esperanté, one of South Florida’s landmark office buildings. The purchase price was not disclosed.
Esperante Office Tower, West Palm Beach
Esperanté, purchased from CBRE Global Investors, is one of only three trophy, Class A office properties in the West Palm Beach submarket, where the two competing properties are near full occupancy. Crocker Partners will manage the 20-story, 256,151-square-
“The purchase of Esperanté is consistent with Cornerstone’
Crocker Partners brings in-depth market knowledge to Esperanté. In a joint venture with the Related Group, the company co-developed the 300,000-square-
“Having the majority of the vacant space now available in the downtown trophy market is an attractive opportunity in a recovering market. Backfilling this space will allow us to add significant value,” said Tom Crocker, managing partner of Crocker Partners. “We plan on repositioning the asset through a combination of extensive common area renovations and the addition of a high-energy, destination restaurant incorporating portions of the plaza for al fresco dining.”
Built in 1989, the award-winning Esperanté tower at 222 Lakeview Ave. has maintained its market-leading position with $8 million in tenant and building renovations since 2009. Earlier this year, Esperanté became the first office building in West Palm Beach to achieve Leadership in Energy and Environmental Design (LEED) EB Gold O&M certification. The new ownership plans additional capital improvements, and has retained Cushman & Wakefield for leasing.
About Cornerstone Real Estate Advisers LLC
Real Estate Advisers LLC, with subsidiary and affiliate offices in the U.S., UK, Europe, and Asia, is one of the largest global real estate investment managers. It provides core and value-added investment and advisory services, including a comprehensive suite of private and public real estate debt, equity and securities expertise and services, to institutional and other qualified investors around the globe. Cornerstone is a member of the MassMutual Financial Group. Visit www.cornerstoneadvisers.com.
About Crocker Partners
Headquartered in Boca Raton, FL, with regional offices in Atlanta and Houston, Crocker Partners is known as a leading owner and developer of high profile properties in key markets, with a highly disciplined approach to investing. In all, Crocker Partners principals have owned, managed and developed more than 31 million square feet of Class A mixed-use, office or residential projects valued at approximately $3.7 billion in major markets in the Southeast and Texas. For information contact Angelo Bianco, 561-447-1810, email investor_relations@
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