Bradford Allen Buys Discounted Office in West Palm Beach for $45M
By Julia Echikson May 12, 2025 5:10 pm
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Bradford Allen Investment Advisors has extended its shopping spree of discounted South Florida offices.
The Chicago-based investor paid $45 million for One Clearlake, an 18-story Class A office tower in Downtown West Palm Beach, property records show. The price is about 28 percent, or nearly $17.7 million, less than what the sellers paid four years ago to purchase the building.
A partnership among two Boston-based firms, Rockpoint and New England Development, and South Florida developers Tricera Capital and NDT Development had purchased the complex for $62.7 million in 2021, according to records.
The 221,661-square-foot tower at 250 South Australian Avenue is currently about 63 percent occupied, with tenants that include Truist Bank, Ideal Nutrition and Robert Half, according to Bradford Allen. The investor plans to spend $10 million renovating the asset, which dates to 1987.
CBRE’s Christian Lee, Sean Kelly, Amy Julian, Andrew Chilgren, Tom Rappa and Matthew Lee represented the sellers. Lee and Kelly did not respond to requests for comment.
Just three months ago, Bradford Allen acquired an office building in Downtown Fort Lauderdale for $208 million. The sales price for the 470,810-square-foot property at 350 and 450 East Las Olas Boulevard was $4 million less than what the seller, DWS, had spent in 2014.
Bradford Allen’s West Palm Beach purchase comes as Stephen Ross, founder of development behemoth Related Companies, is trying to lure tech companies and financial firms to the city. Since the pandemic, the developer has completed two Class A office buildings and broken ground on two more this year.
Bradford Allen joins other high-profile investors who are investing in the area surrounding the West Palm Beach Tri-Rail station, which faces Clear Lake.
Earlier this month, a joint venture led by Ross acquired E.W. Scripps Company’s nearby TV studio for $40 million. Last week, Al Adelson, the developer behind West Palm Beach’s The Bristol luxury condo development, secured a $30 million construction loan for his next luxury condo project.
Julia Echikson can be reached at jechikson@commercialobserver.com.
