Kayne Anderson Relocates to Palm Beach County

MIAMI—Kayne Anderson Real Estate Advisors has become the first tenant to sign a lease in the 10-story, 200,000-square-foot One Town Center since it was converted from a single tenant to a multi-tenant property earlier this year. MetLife owns the Boca Raton, FL building.

CBRE senior vice president Michael Erickson negotiated the transaction on behalf of MetLife. CBRE's senior vice president Jeffrey Kelly represented Kayne Anderson, with assistance from senior associate John Jaspert. Kayne will take 12,637 square feet on the property's third floor.

“We're excited to make the move to Palm Beach County and to set up offices in a class A building like One Town Center,” says Al Rabil, managing partner and CEO of Kayne Anderson, the real estate arm of Los Angeles-based Kayne Capital Advisors. “We thank the Palm Beach County Business Development Board, MetLife and CBRE for their efforts to make this a seamless transition for us.”

Kayne Anderson is relocating 20 of its New York employees to the Boca Raton office, according to the Palm Beach County Business Development Board (BDB), which has been instrumental in bringing hedge-fund and private-equity firms to Palm Beach County. Kelly Smallridge, the BDB's president and CEO, says there has been significant interest from hedge fund and private equity companies looking to set up offices in Palm Beach County: “Approximately 15 have relocated to the area over the past two years primarily for the high quality of life.”

Earlier this year One Town Center, formerly known as the Tyco Building, reentered the Boca Raton leasing market with the largest block of class A office space in the Glades/West Boca submarket. The building underwent a conversion from a single-use class A office building to a multi-tenant office building.

Beyond the amenity upgrades and renovations to the lobby and common areas, the third floor was renovated as a multi-tenant office floor to showcase the building's flexibility to meet market demand for tenant spaces of all sizes. Kayne Anderson is taking over half of the third floor space.

“This marks the first time in 21 years that tenants have the opportunity to lease space at this address since the property was in a single tenant's hands for most of its history,” says Erickson. “The renovations have ensured the building maintains its iconic status, drawing interest from prospective tenants both within and outside of the Boca Raton market.”

As one of the tallest buildings in the market at 10 stories, the iconic One Town Center towers above the central Boca Raton landscape with 200,000 square feet of office space. One Town Center was constructed in 1990, before the four-story height restrictions were implemented.