Tag Archive for: west palm beach

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

Colliers Expands West Palm Beach Office

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Colliers International South Florida is pleased to announce that Edward Lyons, CRE has joined the firm as Senior Advisor in the newly expanded West Palm Beach office.

Ed is known as an accomplished senior executive and consultant with strong capabilities in operational leadership, strategic planning, market and sales development, and mergers and acquisitions in the commercial real estate industry. His track record spans more than 30 years in business development, both domestic and international, with expertise in structuring and growing companies to maximize opportunity through the integration of real estate services.

“I hope to bring great value to Colliers and its clients, through the knowledge and experience gained, and the many institutional and corporate client relationships that I have had the privilege of building, over the last 30 years in the industry,” says Ed.

Throughout a storied career, he has earned the reputation of a trusted advisor, cultivating long-term relationships at executive levels in many organizations. He is a member of CoreNetGlobal and the North Palm Beach Chamber of Commerce. Ed holds the prestigious designation of CRE, a credential that is awarded only to those individuals who are invited by their peers into the membership of The Counselors of Real Estate.

“Ed’s perspective as a global real estate leader provides our clients with unique insights and options,” says Stephen Nostrand, CEO of Colliers International South Florida. “He has demonstrated that strategically executed plans result in more sustainable benefits.”

Prior to joining Colliers, Ed founded AnBro Associates in 2002. As part of his work at AnBro, Ed delivered consulting and interim management support to CoreNet Global, the world’s leading association for corporate real estate executives. He served as their Chief External Affairs Officer with responsibility for relationship management with real estate service providers and large corporate real estate entities around the globe. Ed has also held executive management positions in the U.S. and the United Kingdom at TrammellCrow Company, The Koll Company and CBRE.  Ed attended the University of Colorado where he studied economics and business

Jupiter/Juno Tops South Florida Office Market, West Palm Turning Corner

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West Palm Beach struggled last quarter but has made the turn showing positive absorption, the majority of which was in the suburban markets, according to a report by KRES Commercial.

Palm Beach Gardens/North Palm Beach made huge strides, leasing over 100,000 square feet year to date and absorbing over 35, 000 square feet.

The Jupiter/Juno Beach market, however, continues to make positive strides, becoming the healthiest office submarket in South Florida. Net absorption was another 1% for the quarter, bringing the total vacancy rates down to 6%, with true absorption numbers equal to the larger Palm Beach Gardens market at 31,000 square feet, year to date.

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