Crocker Partners, Cornerstone Real Estate Advisors Sell Esperanté to RedSky Capital

WEST PALM BEACH, FL – July 26, 2016 – Cornerstone Real Estate Advisers LLC, one of the largest global real estate investment managers, acting on behalf of an institutional investor, and Crocker Partners LLC today announced the sale of Esperanté, one of South Florida’s landmark office buildings, to RedSky Capital of Brooklyn, New York. Crocker Partners has been retained to manage the 20-story building for RedSky Capital, which owns, operates and develops real estate primarily in the New York Metro area. This 256,100-square-foot building in downtown West Palm Beach is the first Florida office property for RedSky, which owns significant retail space in Miami.

The landmark office tower in downtown West Palm Beach was sold at 98% occupancy, the highest in its 27-year history.

The landmark office tower in downtown West Palm Beach was sold at 98% occupancy, the highest in its 27-year history.

Cornerstone joined forces with Crocker Partners, a fully integrated real estate owner and manager with a portfolio in excess of $2 billion, to acquire Esperanté in December 2013 for $71 million. The CBRE team handling the marketing and sale of Esperanté for the owners included CBRE Capital Markets Vice Chairman Chris Lee, Vice President Jose Lobon and Financial Analyst Andrew Chilgren, and CBRE Debt & Structured Finance Vice President Amy Julian.

The award-winning tower, acquired by the sellers at 60 percent leased, was sold at 98 percent occupancy – the highest in its 27-year history –following substantial renovations including a new porte-cochére and arrival point. Major new tenants include Cole Scott Kissane, Bank of America and the headquarters for Chatham Lodging Trust and Island Hospitality. Built in 1989, Esperanté, at 222 Lakeview Ave., is one of only three Class A office properties in the market, and was the first in West Palm Beach to achieve the Leadership in Energy and Environmental Design (LEED) EB Gold O&M certification.

Crocker Partners brings in-depth market knowledge to its ongoing management of Esperanté. The company currently owns and manages the 293,000-square-foot Northbridge Centre, a joint venture with Greenfield Partners, as well as 125 Worth Avenue and 400 Royal Palm Way in the Town of Palm Beach, and was co-developer of the 300,000-square-foot City Place Tower.

“Downtown West Palm Beach is a dynamic market, with growing demand for high quality corporate quarters. 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,” said Angelo Bianco, partner in Crocker Partners.

About Cornerstone Real Estate Advisers LLC

Cornerstone Real Estate Advisers LLC, with subsidiary and affiliate offices in the U.S., UK, Europe, and Asia, is one of the largest global real estate focused investment managers. It provides core and value-added investment and advisory services, including a comprehensive suite of private and public real estate debt, equity and securities expertise and services, to institutional and other qualified investors around the globe. Cornerstone is a member of the Mass Mutual Financial Group. Visit www.cornerstoneadvisers.com.

About Crocker Partners

Headquartered in Boca Raton, FL, with regional offices in Atlanta and Jacksonville, Crocker Partners is a leading owner and developer of high profile properties in key markets, with a highly disciplined approach to investing. The company’s current portfolio tops 9 million square feet, valued at $2 billion. Crocker Partners is a dominant owner of Class A office space in Miami, Boca Raton, and Jacksonville, with major holdings in West Palm Beach, Orlando and Atlanta. For information contact Angelo Bianco, 561-447-1810, email: investor_relations@crockerpartners.com and visit www.crockerpartners.com

About RedSky Capital

RedSky Capital, LLC is a Brooklyn-based firm that owns, operates and develops real estate assets with a focus on value-add opportunities in the $25-400 million range. The Company strategically targets and invests in burgeoning markets and has established a Brooklyn portfolio in excess of $1.0 billion, making it one of the largest investors in the borough. RedSky offers its investors a multi-cycle platform built upon a long-term hold strategy that results in the creation of significant value and higher compounded returns through optimizing use of existing space and expense reductions. The Company prides itself on its in-depth ability to operate efficiently and develop real estate after the initial acquisition phase. RedSky expanded into the South Florida market in 2014 with over $500mm in transactions in the Design District, Wynwood and West Palm Beach.