The NYC-based Related Companies, led by Miami Dolphins owner Stephen Ross, has added to their West Palm Beach office portfolio with the acquisition of CityPlace Tower for $174 million, $577 PSF. The seller was the publicly traded W.R. Berkley Corp. (NYSE: WRB) who initially acquired the property in 2014 for $150 million. CityPlace Tower was developed by Related Companies in 2008 before they sold it in 2011 for $126.5 million. The Class-A office building is located at 525 Okeechobee Blvd. and rises 18-stories spanning 303,519 SF.

Tenants at CityPlace Tower include Shutts & Bowen, Greenspoon Marder LLP, Marcum LLP, Cleveland Clinic and Carlton Fields. Asking rents range from $51 to $55 SF.

In January 2021 Related Companies acquired the Phillips Point office complex in West Palm Beach for roughly $282 million and is building another office tower, 360 Rosemary. Following the acquisition of CityPlace Tower Related Companies is now the largest Class A office owner in Downtown West Palm beach.

Image via Mc Gowan Builders