KBS Real Estate Investment Trust II, a public non-traded real estate investment trust, has sold City Place Tower, a 295,933-square-foot office building in West Palm Beach, Florida, for USD150 million.
KBS REIT II acquired the asset for USD126.5 million in April 2011.
City Place Tower is a Class-A tower located in the West Palm Beach CBD. It is part of the City Place mixed-use project that combines 474,000 square-feet of lifestyle amenities with 149,000 square-feet of restaurants. The 18-story building also is built to hurricane code standards and is located approximately 2.5 miles from the Palm Beach Airport.
“City Place 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,” says KBS senior vice president/market leader Allen Aldridge. “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.”