The signature CityPlace Tower is under contract to be sold to a private real estate trust for the princely sum of about $130 million, or roughly $435 per square foot, reflecting the investment community ‘s continued demand for trophy commercial properties.
KBS Realty Advisors of Newport Beach, Calif., is the buyer of the 18-story, 300,000-square-foot tower, located at the entrance to CityPlace along Okeechobee Boulevard, according to sources knowledgeable about the deal.
The tower, which opened in 2008, now stands at about 90 percent leased. A closing is set for late March.
CityPlace Tower was built by the Related Cos. of New York, a developer of the CityPlace shopping complex next door; and Crocker Partners of Boca Raton.
In December, KBS snapped up Emerald View at Vista Center in West Palm Beach, paying builder Procacci Development Corp. $36 million plus closings costs for the two-building complex.
Source: Palm Beach Post
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