Jake Geleerd knows many mid-size and large businesses need capital support during the COVID-19 economic slowdown. As CEO of Tortoise Family Office and a volunteer leader in Young Presidents Organization (YPO) and Chief Executives Organization (CEO), Geleerd teamed with other family office executives to form Tortoise Exchange. “Our goal is to help good people with good businesses that need $2 million or more by offering a partnership to help them survive and thrive,” said Geleerd. “We can provide both liquidity and valuable experience. We have been through this before and no one needs to go through this alone. Our slogan is ‘make it through to 2022.”
1501 Yamato Road, Boca Raton, Tortoise Properties
Along with providing financial support to businesses in trouble or innovators who see opportunities, Geleerd manages one of the largest office portfolios in Palm Beach County. He is president and CEO of Tortoise Properties, LLC, with offices in Chicago and North Palm Beach. “Our portfolio includes high-quality commercial and residential properties across the country,” he said. “A goal of ours is to be one of the nation’s leading real estate investment firms to pass on to our kids. Like the tortoise, we make carefully calculated decisions and build strong partnerships to ensure long-term success.”
In Palm Beach County, Tortoise Properties has about 360,000 square feet of office space, including 1501 Yamato Road, a Class A 172,000-square-foot office campus in Boca Raton which serves as industry leader ADT Securities’ global headquarters. To the north, Tortoise Properties recently acquired Jupiter Innovation Center, a 186,000-square-foot building at 1701 Military Trail in Jupiter. The tenants include Florida Turbine Technologies, Jupiter Medical Center and other medical, office and research and development firms. The company, with its local partner PEBB Enterprises and industry-leading CBRE, is leasing about 60,000 square feet of new space at the Jupiter property.
Jupiter Innovation Center is the town’s largest for-lease office building with 186,238 square feet situated on 16 acres.
Why is the Chicago and North Palm Beach-based family office investing so heavily in Palm Beach County? “We like to be active in markets where governments are pro-business from the state level to the local municipalities,” said Geleerd. “People want to live in Palm Beach County, where there is ample housing for employees as well as executives. There are tons of fine restaurants and world-class cultural facilities, as well as year-round sun and outdoor sports and activities, and, of course, an excellent state income tax climate. The Business Development Board is doing a great job promoting Palm Beach County to the nation and world.”