Related Companies Acquires 50% Interest In Esperanté Corporate Center In West Palm Beach

The NYC-based Related Companies, led by Miami Dolphins owner Stephen Ross, has added to their West Palm Beach office portfolio after partnering into the Esperanté Corporate Center. Related Companies acquired a 50% stake in the office tower from the New York-based RedSky Capital, the London-based JZ Capital Partners owns the remaining 50%. The property was roughly 80% leased at the time of closing. The Red Sky Capital and JZ Capital Partners joint venture initially acquired the property in 2016 for $125.75 million.

The Esperanté Corporate Center spans 256,100 SF of Class A office space on a 2.1-acre site at 222 Lakeview Ave. in Downtown West Palm Beach. The property was initially developed in 1989. Tenants include Merrill Lynch, Bank of America and Raymond James. The vacant suites are being marketed by Tower Commercial Real Estate.

Related Companies is the largest Class A office owner in Downtown West Palm Beach. In January 2021 Related Companies acquired the Phillips Point office complex in West Palm Beach for roughly $282 million and in May 2021 acquired CityPlace Tower for $174 million. Related Companies is also developing the 360 Rosemary office tower and has approvals to break ground on another waterfront office tower, One Flagler, which is expected to break ground in October.

Images via Tower Commercial Real Estate

To be connected to a licensed real estate broker in our broker network for more information about commercial sales, leasing or availability/ pricing please fill out the form below:

Tricera Capital And Alex Karakhanian's LNDMRK Development Acquire Cube Wynwd For $28 Million

Scott Sherman and Ben Mandell’s Tricera Capital in partnership with Alex Karakhanian’s LNDRMK Development have acquired the recently completed Class A office building Cube Wynwd for $28 million. The transaction was financed with $19.6 million in financing split between a senior loan from Amerant and a mezzanine loan from Glacier Credit Strategies which were arranged by Scott Wadler of Berkadia. Cube Wynwd was developed in 2019 by Redsky Capital in partnership with JZ Capital Partners and was financed by Bank OZK and Lionheart Strategic Management.

The building is located at 222 NW 24th St. in Wynwood. Cube Wynwd was designed by Arquitectonica and rises eight stories and offering 100,000 square feet of commercial space. Coworking operator Spaces had leased roughly 30% of the property prior to the sale. The New York-based restaurant group Kissaki also recently signed a lease for the rooftop restaurant space. Other tenants include local retailer ILLIMIT and Bonci Pizzeria.

For more information about commercial leasing at Cube Wynwd, private showings or availability/ pricing information please fill out the form below:

RedSky Capital And JZ Capital Partners Sell Wynwood Block For $24 Million

A partnership between RedSky Capital and JZ Capital Partners has sold the retail building known as Wynwood Block for $24 million, $969 per square foot, to Wynwood Block Realty LLC. The sale reflects a $2 million loss from the $26 million, $1,050 per square foot, the partnership paid for the property in 2015. The transaction was financed with a $12.2 million mortgage provided by Valley National Bank.

Located at 190 NW 27th St. and 2621 NW 2nd Ave., the building spans 24,763 square feet and the total site spans 36,750 square feet, .87 acres. Tenants include Wynwood Diner, Aesop, Mister Block Cafe and Italia Independent.

In September 2020 the RedSky Capital and JZ Capital Partners joint venture sold a 1.25 acre development site located at 2700 NW 2nd Avenue in Wynwood for $26.06 million to New York-based real estate investment and development firm Seven Valleys. The sale marked a $4.69 million loss from the $30.75 million the partnership paid for the property in 2016.

For more information about commercial properties in Wynwood including sales, leasing and private showings please fill out the form below: