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%

$126,500,000 Total Purchase Price
300,000 square feet Total Rentable Area
Class A Building Class