WPB Office Building Adds Tenant, Rebrands

By Timea Papp

Clearlake Plaza in West Palm Beach, Fla.

Colliers International inked a new lease at Clearlake Plaza, a 101,000-sqaure-foot, Class A office tower in West Palm Beach, Fla. Stonegate Bank will occupy 5,588 square feet at the property, and the lease will include signage rights atop the building, branding it as Stonegate Bank Building.

Tom Burst, senior vice president of Colliers International South Florida, represented the owner, Clear T LLC, an affiliate of West Palm Beach-based Karl Corp. The new tenant’s space includes a bank on the first floor, as well as administrative offices. Stonegate Bank chose the property for its great visibility and prime location.

“The visibility these signage rights offer Stonegate, at what is truly the gateway to downtown West Palm Beach and Palm Beach, is incredible,” noted Burst, in prepared remarks.

Class A office space in a tight market 

Located at 500 S. Australian Ave., the 10-story building provides well-amenitized, functional space in a region experiencing a shortage of Class A office space, with limited new development on the horizon. Clearlake Plaza was constructed in 1985 and underwent cosmetic renovations in 2014, Yardi Matrix data shows. Stonegate Bank will occupy the new space by year-end, in parallel with the rebranding of the property.

“We are pleased to include Stonegate as our signature tenant. The timing of their occupancy dovetails perfectly with our planned lobby renovation,” said Hans Kalert, managing partner of Clear T LLC, in a prepared statement. “Together this will extend Clearlake Plaza’s prominence of one of West Palm’s true Class A buildings.”

Image courtesy of Yardi Matrix