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PALM BEACH, FL-KBS Real Estate Investment Trust II has purchased CityPlace Office Tower, a 300,000-square-foot property in West Palm Beach, for $126.5 million or about $427 per square foot. The firm funded its purchase with returns from its IPO and made a $5-million deposit for deal.

The office tower was opened in 2008 by a joint venture between Boca Raton-based Crocker Partners and New York-based Related Cos. As of December 31, the property was 80% leased to 17 tenants.For the full story, go to South Florida Business Journal.


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