Related Companies Acquired West Palm Beach Office Tower For $175 Million

Related Companies bought the CityPlace Tower in West Palm Beach for $175 million, ranking the firm’s second major office purchase of this year.

Related, led by Miami Dolphins owner Stephen Ross, acquired the 18-story building at 525 Okeechobee Boulevard from CPT Equity, a member of Greenwich, Connecticut-based W. R. Berkley.

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.

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