Am Law 100 firm Polsinelli congratulates client Tricera Capital on its acquisition of the One Clearlake office tower, another in a $200 million series of investments over the last four years in urban retail and mixed-use properties across Florida and Tennessee.
Polsinelli represented Tricera in its joint venture with New England Development, NDT Development and Rockpoint Group as the group acquired the recently renovated 18-story tower at 250 South Australian Avenue in West Palm Beach for $60.7 million.
“This deal reflects the exciting resurgence of opportunities in commercial and office space as the market bounces back. Tricera and its principals, Ben Mandell and Scott Sherman, are taking a truly visionary approach to investing in these once-again vibrant spaces,” said Eric Greenfield, Shareholder and the Division Chair for the Real Estate Division at Polsinelli. “We’re proud to be able to help make it happen.”
One Clearlake includes over 220,000-square-feet of rentable space, with an average floor plate of almost 13,000-square-feet. Its amenities include 24-hour security, a new tenant lounge, fitness center and an onsite café. The LEED Gold- and Energy Star-certified property was already over 60% leased when it was put under contract and, prior to closing, Tricera and its partners successfully executed a pair of new leases at the building, with a third expected to join the roster soon. The building’s current tenants include an investment management firm, a bank, and a pair of law firms.
“We’re very pleased to be able to add One Clearlake to our portfolio,” said Tricera co-founder & Managing Principal Ben Mandell. “The tenant mix is already impressive, and with new businesses about to join the roster, this property will be a vital part of the reinvigorated West Palm Beach.”
The purchase of One Clearlake is the most recent in a series of deals that Polsinelli has worked with Tricera to close. In May, Polsinelli represented Tricera in securing $50.8 million in financing for its 11-acre retail and office project, The Press. The firm also represented Tricera in its acquisition of newly constructed office/retail building Cube Wynwd.
“Having partners like Eric and the team at Polsinelli on these projects helps us realize the added value we and our investors are looking for,” said Tricera Co-Founder and Managing Principal Scott Sherman. “Commercial real estate transactions, especially with so many entities involved, can be complex, but having the right advisors in place helps us manage that complexity and focus on what we do best: finding great properties and making the most of them.”
Recognized as a national Real Estate practice by Chambers USA, 2019, Polsinelli’s Real Estate practice includes offices and highly experienced attorneys spanning all time zones in the continental United States. The firm’s deep bench provides the practical solutions clients value, as well as vast experience in areas that include transactions, financing structures and land use entitlements.
Polsinelli is an Am Law 100 firm with 900 attorneys in 21 offices nationwide. Recognized by legal research firm BTI Consulting as one of the top firms for excellent client service and client relationships, the firm’s attorneys provide value through practical legal counsel infused with business insight, and focus on health care, financial services, real estate, intellectual property, middle-market corporate, labor and employment and business litigation. Polsinelli PC, Polsinelli LLP in California.