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WPB’s CityPlace Tower Fetches $150M

August 27, 2014/in Done Deals, News/by SFOBA STAFF

The purchase marks the new owner’s first investment in Florida. CLICK ON THE HEADLINE FOR MORE

Maddy Garcia, Tom Kates Filling Up 800 Fairway With 36,000 SF Of Lease Deals

August 20, 2014/in Done Deals, News/by SFOBA STAFF

800 Fairway underwent extensive interior and exterior upgrades that enriched its amenity base and differentiated it in the market. CLICK ON THE HEADLINE FOR MORE

WPB’s CityPlace Tower Fetches $150M

August 27, 2014/in Done Deals, News/by SFOBA STAFF

The purchase marks the new owner’s first investment in Florida. CLICK ON THE HEADLINE FOR MORE

Maddy Garcia, Tom Kates Filling Up 800 Fairway With 36,000 SF Of Lease Deals

August 20, 2014/in Done Deals, News/by SFOBA STAFF

800 Fairway underwent extensive interior and exterior upgrades that enriched its amenity base and differentiated it in the market. CLICK ON THE HEADLINE FOR MORE

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WPB’s CityPlace Tower Fetches $150M

August 27, 2014/in Done Deals, News/by SFOBA STAFF

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

Maddy Garcia, Tom Kates Filling Up 800 Fairway With 36,000 SF Of Lease Deals

August 20, 2014/in Done Deals, News/by SFOBA STAFF

Stiles Realty executed 35,734 square feet of leases in the past six months at the repositioned 800 Fairway office building in Deerfield Beach.

Stiles worked in concert on this property assignment with Virginia-based Divaris Real Estate, who is a CORE Network Partner.

Notably, Experian Information Solutions signed the second largest new lease in the building for 13,550 square feet over a 5-year term and United Schools Association signed a lease for 4,149 square feet over a 5-year term.

Comprised of 172,323 square feet amidst four floors, 800 Fairway is the largest multi-tenant office building in Deerfield Beach. The building is owned by American General Life Insurance Company and Stiles provides both leasing and management services on the property for the landlord.

“Tenants seeking quality, flexible space and a large amenity base have few options in Deerfield Beach,” said Stiles Realty Director Madelayne Garcia. “800 Fairway has found an effective market niche with its on-site amenities and is drawing attention from large and midsize users that find value in these services.”

According to Garcia, who represented the landlord along with Broker Associate Tom Kates in all of the transactions, leasing activity accelerated in response to the owner’s extensive renovation in mid-2013.

“800 Fairway’s reputation as the ideal option for larger users in Deerfield Beach is further augmented by its recent renovations, which have been a catalyst for additional leasing activity,” commented Garcia. “This building now offers tenants better quality amenities and a more dynamic business environment.”

800 Fairway underwent extensive interior and exterior upgrades that enriched its amenity base and differentiated it in the market. Notable features include a renovated fitness center with state-of-the-art equipment, lockers and showers, as well as a remodeled atrium lobby, expansive conference center, on-site café, secured parking, lit walking paths, and picnic shaded area.

In addition, renewals and expansions in recent months have accounted for much of the activity at 800 Fairway. Jonathan Brooks, P.A. expanded their lease by 2,401 square feet to occupy a total 8,298 square feet. Three lease renewals totaling 15,635 square feet were also executed, with two closing as recently as July 2014. Renewed tenants include Jacobs Engineering Group for 6,256 square feet, engineering firm Tildin, Lobnitz, Cooper for 4,743 square feet, and nurse employment agency Onward Healthcare for 4,636 square feet.

“We’re pleased with the strong leasing activity that has resulted from our successful repositioning of 800 Fairway,” said Garcia. “The building continues to attract high-quality businesses, which is a direct reflection of the ownership’s commitment to enhancing its quality and marketability.”

800 Fairway is located at 800 Fairway Drive – adjacent to I-95 and in between Hillsboro Blvd and SW 18th Street in Boca Raton.

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WPB’s CityPlace Tower Fetches $150M

Maddy Garcia, Tom Kates Filling Up 800 Fairway With 36,000 SF Of Lease Deals

WPB’s CityPlace Tower Fetches $150M

Maddy Garcia, Tom Kates Filling Up 800 Fairway With 36,000 SF Of Lease Deals

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WPB’s CityPlace Tower Fetches $150M

Maddy Garcia, Tom Kates Filling Up 800 Fairway With 36,000 SF Of Lease Deals

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