Related Companies buys West Palm Beach office tower for $175M

Buyer developed tower in 2008 and sold it three years later for $126.5M

Miami /
May.May 24, 2021 02:30 PM
CityPlace Tower and Related Companies founder Stephen Ross (Related, Getty)

CityPlace Tower and Related Companies founder Stephen Ross (Related, Getty)

Related Companies bought the CityPlace Tower in downtown West Palm Beach for $175 million, marking the company’s second major office purchase there this year.

Related, led by Miami Dolphins owner Stephen Ross, bought the 18-story building at 525 Okeechobee Boulevard from CPT Equity, an affiliate of Greenwich, Connecticut-based W. R. Berkley, according to records.

New York-based Related and Boca Raton-based Crocker Partners developed the tower with 300,000 rentable square feet on 1.2 acres in 2008. KBS Real Estate Investment Trust II then bought it in 2011 for $126.5 million, records show.

KBS REIT II, based in Newport Beach, California, sold the building to W. R. Berkley’s affiliate in 2014 for $150 million.

Tenants include Cleveland Clinic, Comvest Partners and law firms Carlton Fields, Shutts & Bowen, and Greenspoon Marder.

The purchase is another sign that Related Companies is confident in the downtown West Palm Beach office market. Over the past year, the area has caught the attention of tech firms seeking to relocate or expand to South Florida.

In January, Related bought the two Phillips Point office towers for $282 million, and the company has two other office projects in the pipeline.

It plans the 25-story One Flagler near the foot of the Royal Park Bridge connecting West Palm Beach and Palm Beach, and it scored a $140 million construction loan from MSD Capital in 2020 to finish the 20-story 360 Rosemary, which topped off in September.





    Related Articles

    arrow_forward_ios
    From left: David Edelstein, Alex Karakhanian and Victor Ballestas in front of the property at 3601 North Miami Avenue (Lndmrk Development, Tricap, Integra Investments, LoopNet)
    David Edelstein, partners buy Midtown Miami dev site, plan office tower
    David Edelstein, partners buy Midtown Miami dev site, plan office tower
    Nuveen CEO Jose Minaya and 801 Brickell Avenue in Miami (Nuveen, Colliers)
    Lease roundup: Nuveen moving Southeast HQ to 801 Brickell
    Lease roundup: Nuveen moving Southeast HQ to 801 Brickell
    Paul Saunders with 2700 North Ocean Drive (LinkedIn, Redfin)
    Hedge funder Paul Saunders, wife sell Riviera Beach condo
    Hedge funder Paul Saunders, wife sell Riviera Beach condo
    The property at 102 Jungle Road with Ivana Trump and Tomas Maier (Google Maps, Getty, Wikipedia)
    Ivana Trump’s former Palm Beach mansion sells for $73M
    Ivana Trump’s former Palm Beach mansion sells for $73M
    From left: Buyers Neil Merin, Dung Lam and Jordan Paul along with 1001 Yamato Road (top) and 999 Yamato Road (bottom) (NAI/Merin Hunter Codman, Moris Moreno)
    Yamato Office Center in Boca Raton trades for $46M
    Yamato Office Center in Boca Raton trades for $46M
    An aerial of the Mainstreet at Boynton with Banyan Development principal Jason Sher and Pebb Enterprises CEO Ian Weiner (LinkedIn, Pebb Enterprises, Aerial via Andy Traficante – Atlantic Aerial Imaging)
    Pebb, Banyan sell Wawa-leased building at Mainstreet at Boynton
    Pebb, Banyan sell Wawa-leased building at Mainstreet at Boynton
    151 Chilean Avenue in Palm Beach (Realtor.com, iStock)
    Billionaire bows out: David “Duke” Reyes, wife, sell Palm Beach home for $21M
    Billionaire bows out: David “Duke” Reyes, wife, sell Palm Beach home for $21M
    O’Connor Capital's William O’Connor and 151 Worth Avenue (O’Connor Capital Partners, Google Maps)
    Ex-Neiman Marcus building on Palm Beach’s Worth Avenue trades for $78M
    Ex-Neiman Marcus building on Palm Beach’s Worth Avenue trades for $78M
    arrow_forward_ios

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

    Loading...