Related Companies bought the CityPlace Tower in West Palm Beach for $175 million, ranking the firm’s second major office purchase of this year.
New York-based Related and Boca Raton-based Crocker Partners formed the tower with 300,000 rentable square feet on 1.2 acres in 2008. The KBS Real Estate Investment Trust II later purchased it in 2011 for $126.5 million.
In Newport Beach, California, KBS Real Estate Investment Trust II sold the building to W. R. Berkley’s affiliate in 2014 for $150 million. Renters include Cleveland Clinic, Comvest Partners, and law firms Carlton Fields, Shutts & Bowen, and Greenspoon Marder.