RedSky Capital completes $125m acquisition of West Palm Beach offices

New York-based RedSky Capital has closed on the purchase of the Esperanté office tower in downtown West Palm Beach for $125.75 million. Built in 1989, the 20-story, 256,100 sqf office building is located on a 2.1 acre site at 222 Lakeview Ave. The building was 98 percent leased at the time of the sale to tenants like Bank of America, Cole Scott Kissane, Chatham Lodging Trust and Island Hospitality. The seller, a joint venture between Cornerstone Real Estate and Advisors and Crocker Partners, bought the asset in 2013 for $71 million. The deal was brokered by CBRE’s Chris Lee, Jose Lobon, Andrew Chilgren and Amy Julian with an $85 million acquisition loan provided by Bank of America.

“Downtown West Palm Beach is a dynamic market, with growing demand for high quality corporate quarters,” said Angelo Bianco, a partner at Crocker Partners. “We were able to add significant value at Esperanté, backfilling space while the market was in recovery. We look forward to supporting the new owner’s efforts to capitalize on Esperanté’s position as a choice property in a very tight market.”