On the heels of its conversion to a multi-tenant office building, One Town Center has signed its first tenant, Kayne Anderson Real Estate Advisors (KAREA).
The private equity firm, which is the real estate arm of Los Angeles-based Kayne Anderson Capital Advisors, has signed a lease for 12,637 square feet. Michael Erickson, Senior Vice President with CBRE handled the real estate transaction on behalf of building owner MetLife and CBRE’s Senior Vice President, Jeff Kelly, represented the tenant with the assistance of John Jaspert, Senior Associate.
“We’re excited to make the move to Palm Beach County and to set up offices in a Class A building like One Town Center,” said Al Rabil, managing partner and CEO of Kayne Anderson Real Estate Advisors. “We thank the Palm Beach County Business Development Board, MetLife and CBRE for their efforts to make this a seamless transition for us.”
Instrumental in the deal were the efforts of the Palm Beach County Business Development Board who have been working to bring hedge-fund and private-equity firms to Palm Beach County.
“There has been a significant amount of interest from hedge fund and private equity companies looking to set up offices in Palm Beach County. Approximately 15 have relocated to the area over the past two years,” said Kelly Smallridge, the BDB’s President and CEO.
“We are especially pleased that One Town Center has helped attract new business to the area,” stated Chuck Davis, regional director of MetLife’s Tampa real estate investment office. “It is an exceptional building that has the high-profile, Class A office space needed to accommodate all of Kayne Anderson’s needs.”
Earlier this year One Town Center, formerly known as the Tyco Building, reentered the Boca Raton leasing market with the largest block of Class A office space in the Glades/West Boca submarket. The building has undergone a conversion from a single-use Class A office building to a multi-tenant office building. In addition to amenity upgrades and renovations to the lobby and common areas, the third floor was renovated as a multi-tenant office floor to showcase the building’s flexibility to meet market demand for tenant spaces of all sizes. Kayne Anderson is taking over half of the third floor space.
“This marks the first time in 21 years that tenants have the opportunity to lease space at this address since the property was in a single tenant’s hands for most of its history,” said Michael Erickson, CBRE Senior Vice President. “The renovations have ensured the building maintains its iconic status, drawing interest from prospective tenants both within and outside of the Boca Raton market.”
