Tricera Capital, the Miami-based commercial real estate firm with a vast portfolio across the Southeast U.S., secured a prominent new tenant at its 1675 Midtown office building in Boca Raton. Wells Fargo signed a lease for approximately 25,000 square feet – with options to expand– at the building.
The Ben Mandell-led Tricera also kicked off an extensive capital improvements program at the 1675 N. Military Trail property, with Kravit Architecture retained to assist with the upgrades. The building’s lobbies, common corridors, restrooms and building systems will be renovated.
The Wells Fargo lease allows Tricera to seamlessly backfill space to be vacated by Comerica Bank, which is moving out of 1675 Midtown when its lease expires in June 2023.
Tricera Executive Vice President | Head of Office Leasing Dustin Ballard began discussions with Wells Fargo in advance of the firm’s November 2021 acquisition of the building. Wells Fargo had an expiring lease at a nearby property, so 1675 Midtown gives it a premier location for its new Boca Raton corporate office.
“We are thrilled to finalize a lease with Wells Fargo – a flagship tenant for a trophy Boca Raton office building,” Ballard said. “Our team continues to receive substantial interest from potential corporate tenants of all sizes, including new-to-market companies and those with an established presence in Palm Beach County.”
The seven-story 1675 Midtown has approximately 70,000 square feet and ample parking in the four-story podium parking garage. Built in 2008, the building features hurricane resistant windows, heavy back-up power, expansive conference rooms and valet parking.
Tricera is extremely active in Palm Beach County.
The firm is part of a joint venture that owns office building One Clearlake in downtown West Palm Beach. Tricera is also nearing completion of The Press, a transformative mixed-use redevelopment of the former Palm Beach Post campus on West Palm Beach’s South Dixie corridor. The Press includes a fully redesigned and renovated office building occupied by the Post and numerous additional tenants.
“We remain bullish on Palm Beach County’s core markets, especially Boca Raton and downtown West Palm Beach,” Mandell said. “These areas have benefitted greatly from the domestic and corporate migration of the last few years. That activity has not slowed down, and we continue to pursue investment opportunities to address the pent-up demand for quality office and retail space in these markets.”
CBRE’s John Criddle, Joe Freitas and Chris Smith oversee leasing of 1675 Midtown on behalf of Tricera.
For more information, visit www.triceracap.com.
About Tricera Capital: Miami-based Tricera Capital is a real estate investment firm focused on value-add, urban retail, office and mixed-use investments and developments throughout the United States. Since launching in 2017, Tricera has leveraged its institutional real estate experience, relationships and entrepreneurial spirit to create off-market opportunities and quickly amass a portfolio in select target markets. The team of seasoned real estate professionals with a deep track record of success in deal sourcing, leasing, acquisitions, syndication and overall execution. The talent and experience enables Tricera Capital to consistently perform and deliver superior returns to investors. For more information, visit www.triceracap.com.