The Real Deal Miami

CityPlace Tower hits the market for sale

KBS wants to sell trophy downtown West Palm Beach building
April 03, 2014 01:30PM

CityPlace Tower

CityPlace Tower

Trophy West Palm Beach office building CityPlace Tower is up for sale.

Owner KBS Realty Advisors is testing the market three years after purchasing the building for nearly $127 million, the Palm Beach Post reported. The Related Cos. and Crocker Partners constructed the 18-story CityPlace in 2008 and brought occupancy to 86 percent before selling the property to KBS.

Eastdil Secured is marketing the Class A building.

Occupancy at the 525 Okeechobee Boulevard building is at 95 percent, according to the Post. Tenants include Janus Capital Group subsidiary INTECH, Cleveland Clinic and law firms Carlton Fields, Jorden Burt and Shutts & Bowen. [Palm Beach Post]Eric Kalis