PRIVATE EQUITY FIRM RELOCATES TO BOCA RATON

CBRE arranges lease for Kayne Anderson at One Town Center

Miami, FL – June 24, 2013 – CBRE has arranged lease for Kayne Anderson Real Estate Advisors, LLC, at One Town Center in Boca Raton. Kayne will take 12,637 square feet on the property’s third floor. This is the first tenant to sign a lease in the 10-story, 200,000-square-foot MetLife-owned building since it was converted from a single tenant to a multi-tenant property earlier this year.

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 Anderson, the real estate arm of Los Angeles-based Kayne Capital Advisors, intends to relocate 20 of its New York employees to the Boca Raton office, according to the Palm Beach County Business Development Board, which has been instrumental in bringing hedge-fund and private-equity firms to Palm Beach County.  “There has been a significant amount of 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," said Kelly Smallridge, the BDB’s President and CEO.

“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,” said Al Rabil, managing partner and CEO of Kayne Anderson Real Estate Advisors. “We thank the Palm Beach County Business Development Board, MetLife and CBRE for their efforts to make this a seamless transition for us.”

“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,” according to CBRE’s Michael 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.” 

“We are especially pleased that One Town Center has helped attract new business to the area,” stated Chuck Davis, regional director of MetLife’s Tampa real estate investment office.  “It is an exceptional building that has the high-profile, Class A office space needed to accommodate all of Kayne Anderson’s needs.”

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 has undergone a conversion from a single-use Class A office building to a multi-tenant office building.  In addition to 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. 

About One Town Center 
As one of the tallest buildings in the market at ten 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. Recently renovated, the striking, two-story atrium lobby includes a new marble and wood concierge desk, stylish guest seating areas and modern lighting. The new lighting, finishes, floor coverings and furnishings were selected with particular consideration to environmental sustainability and lasting quality.  First floor amenities include a new fitness center with shower/locker facilities, recycling center and a reconfigured lobby to provide for an onsite café.  Typical floors of approximately 20,000 square feet feature mostly column free interior space for efficient office layouts. Restrooms and tenant floors are being renovated to include contemporary new lighting, tailored fabric wall coverings and elegant tile floors in the tenant elevator lobbies. 

Both building entrances serve as main entrances with water features and multiple glass doors.  Parking consists of an adjacent five-level parking garage supplemented with surface parking.   With high-end finishes, amenities and high visibility due to its unique height and large site, the building is often used as a point of direction within the area.  It is located in the heart of central Boca Raton affording great access to the area’s many amenities.  It is within walking distance to Town Center Mall, Boca Center and Glades Plaza, which provide many restaurants at all price points, national and boutique retail, hotels, and more.  Located directly across the street from The Town Center Mall and The Plaza office building, One Town Center is two blocks south of Glades Road with entrances on Military Trail and Town Center Road.  For more information, visit www.onetowncenter.com

About Kayne Anderson Real Estate Advisors
Kayne Anderson Real Estate Advisors is the private equity real estate arm of Kayne Anderson Capital Advisors, a $21 billion investment management firm with more 30 years of successful experience in the energy, infrastructure, growth capital, real estate and middle market credit sectors. KAREA currently has three funds, with commitments of more than $1.4 billion, investing in specialized niche real estate sectors. They actively seek student housing assets of 500 or more beds in close proximity to large public universities with strong student enrollment growth. The company invests in existing properties on a direct basis and in developments on both a joint venture basis or on a forward take out basis. Kayne Anderson currently controls approximately 16,000 student housing beds, 700 conventional multifamily units, 15,000 self-storage units, and over 250,000 square feet of medical office space. Over the past year, KAREA sold 23 of its assets, 20 of which were included in the largest private sale of a student housing portfolio in history. For more information, visit www.kaynecapital.com.

About MetLife
MetLife Real Estate Investors, a unit of MetLife, oversees a well-diversified real estate portfolio of more than $60 billion, which is one of the largest in the U.S. and consists of real estate equities, commercial mortgages and agricultural mortgages.  MetLife is a global leader in real estate investment and real estate asset management, with a vast network of regional offices that keep in close contact with major real estate markets. For more information, visit www.metlife.com/realestate.

###