Related launches new office tower in WPB

October 22, 2012 03:00PM

A rendering of the Gateway Tower

Related is set to launch a 12-story office tower in an existing building at the entrance to downtown West Palm Beach, the Palm Beach Post reported. The tower will be known as the Gateway Tower at CityPlace and is located in the median of Okeechobee Boulevard, known as the “triangle.” In the past the 8,000-square-foot building has been a sales office for CityPlace South Tower condominiums and a display center for Digital Domain — which recently filed for Chapter 11 bankruptcy

Related plans to renovate the building into a state-of-the art downtown office building , with hurricane-resistant windows and 16,000 square feet of ground-floor retail. The building plans to open in 2015 and Cushman & Wakefield are marketing the property.Asking office rental rates are $32 to $36 a square foot, with an additional $16 a square foot for operating expenses, Mark Pateman, Cushman & Wakefield director, told the Palm Beach Post [Palm Beach Post]Christopher Cameron