CityPlace Tower in West Palm Beach (Google Earth)
CityPlace Tower, a 295,933-square-foot office building in West Palm Beach, changed hands in a $150 million deal between a California-based real estate investment trust and an undisclosed buyer.
The 18-story Class A building offers ocean views, concierge and private valet service, banking and covered access to CityPlace, West Palm Beach’s upscale shopping, dining and entertainment center.
The seller, KBS Real Estate Investment Trust II, made a 19 percent gain on the deal. It acquired the tower for $126.5 million in April 2011 from CityPlace Office I LLC, linked to the New York-based Related Cos. LP, which developed the building with Crocker Partners LLC.
“CityPlace Tower is a recently developed asset that benefits from its high-quality construction and its location in an established mixed-use project in West Palm Beach,” said Allen Aldridge, KBS’ senior vice president. “This was a solid asset in KBS REIT II’s portfolio, and we believe it made for an attractive investment to numerous buyers throughout this process.”
CityPlace Tower is located at 525 Okeechobee Ave. in the central business district and within walking distance of CityPlace’s 72 acres of shops, theaters, specialty stores, dozens of restaurants, homes and garages, occupying 149,000 square feet.
The deed for the office building sale had not been recorded, and KBS declined to name the buyer.