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Cornerstone Partners Teams with Crocker Partners to Purchase Esperante Office Tower

“Having the majority of the vacant space now available in the downtown trophy market is an attractive opportunity in a recovering market,” said Tom Crocker, managing partner of Crocker Partners.

FOR IMMEDIATE RELEASE

 
 
Esperante Office Tower, West Palm Beach
Esperante Office Tower, West Palm Beach
PRLog (Press Release) - 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.

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-foot building.

“The purchase of Esperanté is consistent with Cornerstone’s global strategy of targeting high quality, high profile commercial properties,” said Kevin Miller, Vice President of Eastern Region Acquisitions for Cornerstone.  “Cornerstone is delighted to be in West Palm Beach, working closely with our clients and our partners at Crocker.”

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-foot City Place Tower, another of Downtown West Palm Beach’s trio of top-tier properties.

“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@crockerpartners.com and visit www.crockerpartners.com.

Media Contacts for Cornerstone:

Thor Valdmanis

212.850.5611

Thor.Valdmanis@fticonsulting.com

James Cheston

212.250.5675

James.Cheston@fticonsulting.com

Media Contacts for Crocker Partners:

Andrea Knibbs

954.428.4477

aknibbs@smith-knibbs.com


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Source:Crocker Partners
City/Town:West Palm Beach - Florida - United States
Industry:Business, Real Estate
Tags:office tower, Real Estate, portfolio, Crocker Partners, Cornerstone Partners
Shortcut:prlog.org/12253746
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