JZ Capital Partners, alongside its long-term real estate partner, RedSky Capital and The Clark Estates, has acquired Esperante Corporate Centre, a landmark office building in West Palm Beach, Florida.
Located at 222 Lakeview Avenue in downtown West Palm Beach, Esperante sits at the gateway to the island of Palm Beach, providing tenants with easy access to beachfront residential neighbourhoods and local amenities alike.
The acquisition represents JZ Capital’s first investment in West Palm Beach, further diversifying the geographic concentration of JZ Capital’s South Florida real estate portfolio. The purchase price of the property was $125.8 million, of which JZ Capital provided $18.6 million.
David Zalaznick, JZ Capital’s Founder and Investment Adviser, commented: “We are delighted to add this property to our growing and diversified real estate portfolio in South Florida. Esperante is a unique asset in a very desirable location in West Palm Beach, which has seen an influx of high-quality corporate employers and a concurrent increase in demand for prime office space.”
JZCP : JZ Capital buys office in West Palm Beach