Tag Archive for: cityplace tower

Investment Management Firm Relocates, Signs 25,000 SF Lease Deal

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Global investment management firm Intech is making a big transfer.

The company is planning to move its headquarters out of Related Companies’ CityPlace Tower and into the 221,000-square-foot One Clearlake Centre office high-rise in West Palm Beach.

Intech inked a 25,000-square-foot lease and will be filling up the tower’s top two-floors, according to a press release. The deal also gives the company exterior signage. The firm, which has about $50 billion under its management, is scheduled to occupy its new space by September 2019.

The lease brings the 19-story office tower at 250 South Australian Avenue to 68 percent leased, with asking rents in the tower ranging from $40 per square foot to $45 per square foot, CREC’s leasing director Mark Goldstein said. Other tenants in the building include Richman Greer law firm, Rosenbaum Mollengarden PLLC, BB&T, Prudential and Northwestern Mutual.

Built in 1986, One Clearlake Centre includes a five-story, 662-space parking garage. CREC’s Carol Greenberg Brooks, Goldstein and Robert Dabrowski oversee leasing and management of the property.

Velocis, a private equity real estate manager, paid $42.3 million for the property in July 2017 with CREC. The joint venture invested millions into renovating the building, including revamping its lobby areas, corridors and bathrooms. The partnership also added a creative tenant lounge and offers tenants a new wellness program.

 

Source:  The Real Deal

WPB’s CityPlace Tower Fetches $150M

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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