PALM BEACH, FL—Crocker Partners and Cornerstone Real Estate Advisors have acquired Esperanté, one of South Florida's landmark office buildings, from CBRE Global Investors. Financial terms of the deal were not disclosed.

Esperanté is one of only three trophy class A office properties in the West Palm Beach submarket, where the two competing properties are near full occupancy. Crocker will manage the 20-story, 256,151-square-foot building.

“The purchase of Esperanté is consistent with Cornerstone's global strategy of targeting high quality, high profile commercial properties,” says Kevin Miller, vice president of Eastern Region Acquisitions for Cornerstone. Built in 1989, the Esperanté tower is located at 222 Lakeview Ave. and has maintained its market-leading position with $8 million in tenant and building renovations since 2009.

Crocker Partners brings in-depth market knowledge to Esperanté. In a joint venture with The Related Group, the company co-developed the 300,000-square-foot City Place Tower, another of Downtown West Palm Beach's trio of top-tier properties.

“Having the majority of the vacant space now available in the downtown trophy market is an attractive opportunity in a recovering market,” says Tom Crocker, managing partner of Crocker Partners. “Backfilling this space will allow us to add significant value. We plan on repositioning the asset through a combination of extensive common area renovations and the addition of a high-energy, destination restaurant incorporating portions of the plaza for al fresco dining.”

Earlier this year, Esperanté became the first office building in West Palm Beach to achieve Leadership in Energy and Environmental Design (LEED) EB Gold O&M certification. The new ownership has retained Cushman & Wakefield for leasing.