City Place Tower
525 Okeechobee Blvd, West Palm Beach, FL 33401
Property Overview
In 2011, KBS REIT II acquired the best in class trophy office tower in West Palm Beach. This Class A office tower’s tenant roster included the regions top corporations and firms. During KBS REIT II’s ownership several large tenant leases were renewed. And, as a recently developed property, minimal capital improvements were needed and made.
KBS REIT II focused on the quality of services at this trophy asset and attracting tenants to this dynamic mixed use location. The asset was 87% leased at acquisition and is 95% leased today
Investment at a Glance
Location: West Palm Beach, FL
Property Type: Class A Office
Acquisition Date: April 6, 2011
Purchase Price: $126,500,000
Sale Date: August 21, 2014
Sale Price: $150,000,000
No. of Buildings: 1
No. of Stories: 18
Square Footage: 300,000 SF
Leased Percentage (at the time of Acquisition): 87%
