The Real Deal Miami

CityPlace office tower could fetch $150M

November 08, 2010 01:30PM

CityPlace office tower

The developers of CityPlace in West Palm Beach, who’ve just unloaded the remaining units at the complex’s South Tower in a bulk deal, are also getting ready to sell off their 18-story office building. The Related Companies and Crocker Partners, who tapped Eastdil Secured to market the property, on Okeechobee Boulevard, last month, sent out offering packages last week. The building is 85 percent leased, and according to marketing materials, its tenants are signed on until at least 2018. Sources told the Palm Beach Post that the building could go for nearly $150 million, though the brokers, and Ken Himmel of Related said the owners expect to reach a decision about the potential sale within the next 60 days. Meanwhile, the CityPlace owners are also facing a lawsuit at the retail space occupied by the Gap, alleging that the store is owed $2 million in tax and maintenance overcharges. [Palm Beach Post]