CREC, Velocis Add Anchor Tenant to WPB Office Tower

By Timea Papp

One Clearlake Centre

CREC and Velocis have signed a 25,000-square-foot lease with Intech Investment Management as the anchor tenant at One Clearlake Centre, a LEED Silver-certified office tower in downtown West Palm Beach, Fla. Intech plans to relocate its corporate headquarters to the 221,079-square-foot property in September 2019.

The investment management firm will occupy the top two floors at One Clearlake Centre. The deal also includes building exterior signage for Intech. Following its long-term tenancy, the company is downsizing and leaving behind 50,000 square feet at CityPlace Tower, according to Yardi Matrix.

Located at 250 S. Australia Ave., One Clearlake Centre was completed in 1986 and is undergoing an expansive renovation program. The multi-million refurbishment includes new lobby areas, corridors and bathrooms, conference center and gym, a creative tenant lounge and CREC’s wellness program known as Deeper Breath. The property also features a five-story, 662-space parking garage. 

Occupancy on the rise

Current ownership acquired the 19-story building in July 2017, when the property was 47 percent leased. The addition of Intech brings the property’s occupancy rate to 68 percent. One Clearlake Centre, one of the tallest buildings in the market, is close to the area’s numerous restaurants, entertainment and shopping venues such as Clematis Street and CityPlace. Additionally, TriRail and the recently constructed Brightline station are also nearby.

“Intech truly scrutinized all of their viable options and conducted an intense broad property sweep before they made the decision to select One Clearlake Centre as their new corporate headquarters,” Carol Greenberg Brooks, president & co-founder of CREC, said in prepared remarks. CREC also oversees leasing and management services at the property.

“As we continue to implement our repositioning strategy, we anticipate that leasing momentum will remain strong as tenants continue to flock to downtown West Palm Beach,” added Mike Lewis, principal at Velocis.

Image courtesy of Yardi Matrix