KBS Real Estate Investment Trust II has completed the acquisition of City Place Tower in West Palm Beach, FL for $126.5 million, plus closing costs, according to a South Florida Business Journal article. City Place Office 1 LLC, a joint venture of co-developers Crocker Partners and the Related Companies, sold the $110 million property at $427 per square foot. According to a public filing, the building is expected to generate nearly $73 million in rent from 2011 to 2015.
"City Place Tower is the newest office tower in the Central Business District and the only one built to current ‘hurricane resistant’ code and to offer full back-up power capabilities," said Shannon Hill, KBS Realty Advisors senior vice president, director of acquisitions and dispositions.
City Place Tower includes 8,390 square feet of retail space, plus the first six floors of the building contain 270 parking spaces. The tower was 86% leased at the time of sale with major tenants including Intech (Janus Funds), Cleveland Clinic, Carlton Fields, Edwards Angell, Novak Druce, Shutts & Bowen and Regions Bank.
For more news and information visit Blumberg Capital Partners.
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