CityPlace Tower Trades For $175 Million

Related Cos. acquired the CityPlace Tower office building in downtown West Palm Beach for $175 million.

CPT Equity LLC, an affiliate of W.R. Berkley Corp., sold the 303,519-square-foot office tower at 525 Okeechobee Blvd. to 525 Okeechobee LLC, an affiliate of New York-based the Related Cos. The price equated to $577 per square foot.

CityPlace Tower last traded for $150 million in 2014.

Tenants at CityPlace Tower include Cleveland Clinic, Carlton Fields, Comvest Partners, Greenspoon Marder, Marcum LLP, Shutts & Bowen, and Cresset Wealth Advisors. A recent online listing by broker Tower Commercial Real Estate said 63,080 square feet in the building was available for lease, with rent ranging from $51 to $55 per square foot.

The site has benefitted from its close proximity to the Brightline passenger rail station, which will connect with Miami, Fort Lauderdale, Boca Raton, Aventura and Orlando once service resumes.

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