Downtown West Palm Beach

Rentable Square Feet: 300,000 SF
Time Period: 2006 – 2011
Case Study: Ground Up Development

The Challenge:

As one of the 1st ground up developments in WPB in 15 years CityPlace Tower represented the best in terms of design and hurricane infrastructure. Not only on one the largest new developments in WPB and South Florida CPT was also one of the most expensive to build. Full 100% back up power via generators and Category 4 impact windows. The first to be delivered in South Florida. Pro-forma net rents eclipsed $30 N and the market had never broken the $30 N mark. CityPlace Tower began pre-leasing in 2005/2006 landing Intech, Carlton Fields, Shutts and Cleveland Clinic. The building delivered at 55% pre-leased in 2008. The “Great Recession 2” just happened to coincide with certificate of occupancy.

The Solution:

As financial institutions failed and the economy tanked many new office developments (600 Brickell most notably- halted construction). Jon Blunk along with Crocker Partners and Related teams remained dogged and pursued all tenants new to market and existing expirations doggedly. The team found ways to structure deals and manage construction to attract tenants pursuing a flight to quality. Securing additional tenants such as RBC, Regions Bank, Edwards Angel, Novak Druce and many other.

The Result:

The building stabilized at 90% occupancy with the high in-place rents south of Washington D.C. The building sold in 2011 to KBS for a record price. $428 per SF. CityPlace Tower again sold in 2014 at another record amount of $505 per SF to W.R. Berkley Corporation.