WPB’s CityPlace Tower Fetches $150M

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  W.R. Berkley Corp., a Connecticut insurer. A spokeswoman said the office tower is the company’s first investment in Florida.

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

Source: The Real Deal