Private Equity Firm Relocates To Boca Raton

Jun 24, 2013 No Comments by

CBRE has arranged lease for Kayne Anderson Real Estate Advisors, LLC, at One Town Center in Boca Raton.

Kayne will take 12,637 square feet on the property’s third floor. This is the first tenant to sign a lease in the 10-story, 200,000-square-foot MetLife-owned building since it was converted from a single tenant to a multi-tenant property earlier this year.

CBRE Senior Vice President Michael Erickson negotiated the transaction on behalf of MetLife. CBRE’s Senior Vice President Jeffrey Kelly represented Kayne Anderson, with assistance from Senior Associate John Jaspert.

Kayne Anderson, the real estate arm of Los Angeles-based Kayne Capital Advisors, intends to relocate 20 of its New York employees to the Boca Raton office, according to the Palm Beach County Business Development Board, which has been instrumental in bringing 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 primarily for the high quality of life,” said Kelly Smallridge, the BDB’s President and CEO.

“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.”

“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,” according to CBRE’s Michael Erickson. “The renovations have ensured the building maintains its iconic status, drawing interest from prospective tenants both within and outside of the Boca Raton market.”

“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.

Go Ahead...Share!
  • email
  • Facebook
  • LinkedIn
  • Twitter
  • Add to favorites
  • Print
Industry News, NA, Office, Palm Beach County Office
No Responses to “Private Equity Firm Relocates To Boca Raton”

Leave a Reply