West Palm Beach’s CityPlace Tower fetches $150M

Miami /
Aug.August 22, 2014 09:45 AM

About four months after going on the market, CityPlace Tower in West Palm Beach changed hands for $150 million.

KBS REIT II sold the trophy office building in West Palm Beach to an undisclosed buyer, the company announced in a written statement released on Friday. The Newport Beach, Calif.-based non-traded real estate investment trust paid $126.5 million for the 296,000-square-foot Class A tower in April 2011. Palm Beach County has not recorded the transaction.

The 18-story tower is part of the CityPlace mixed-use project, which has 474,000 square feet of retail and entertainment space to go along with 149,000 square feet of restaurants.

“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,” KBS senior vice president/market leader Allen Aldridge said. “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.”

Eastdil Secured marketed the building on behalf of KBS. — Eric Kalis


Related Articles

arrow_forward_ios
Cross County Plaza (Madison Properties)
West Palm shopping center foreclosure suit leads to CMBS drama
West Palm shopping center foreclosure suit leads to CMBS drama
Related's Stephen Ross and a rendering of One Flagler (Getty, Related Southeast)
Stephen Ross’ One Flagler office tower in West Palm preserves 100-year-old church, scores tenants, including Estiatorio Milos
Stephen Ross’ One Flagler office tower in West Palm preserves 100-year-old church, scores tenants, including Estiatorio Milos
Teddy Sagi and Jorge Pérez with a rendering of the development
Billionaires Teddy Sagi and Jorge Pérez invest in major transit development in West Palm Beach
Billionaires Teddy Sagi and Jorge Pérez invest in major transit development in West Palm Beach
Billionaire Charles Cohen’s proposed West Palm Point office development plan stalls over garage design
Billionaire Charles Cohen’s proposed West Palm Point office development plan stalls over garage design
Billionaire Charles Cohen’s proposed West Palm Point office development plan stalls over garage design
Northland sells apartment complexes in West Palm Beach for $133M
Northland sells apartment complexes in West Palm Beach for $133M
Northland sells apartment complexes in West Palm Beach for $133M
Vad Yazvinski of Jordan Capital AM with the property (Jordan, LoopNet)
Allstate Investments reels in $12M for office-retail plaza in West Palm
Allstate Investments reels in $12M for office-retail plaza in West Palm
AHS Residential’s Ernesto Lopes and AEW Capital Management CEO Jeff Furber (AHS, AEW, Grand Peaks)
AEW buys multifamily near West Palm, in southern Miami-Dade from AHS for $123M
AEW buys multifamily near West Palm, in southern Miami-Dade from AHS for $123M
Wheelock pays $106M for The Ben hotel near downtown West Palm Beach
Wheelock pays $106M for The Ben hotel near downtown West Palm Beach
Wheelock pays $106M for The Ben hotel near downtown West Palm Beach
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...