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News release

WEST PALM BEACH, FL

KBS Realty Advisors Selects Jones Lang LaSalle as Leasing Agent at CityPlace Tower in West Palm Beach

JLL will now exclusively lease and manage the 295,933 SF trophy, Class A, asset in the heart of downtown


WEST PALM BEACH, APRIL 25, 2013 – KBS Realty Advisors has appointed Jones Lang LaSalle as exclusive leasing agent for CityPlace Tower a premium, Class A, 295,933-square-foot office tower located at  525 Okeechobee Blvd in  the heart of downtown West Palm Beach.  This represents JLL’s most recent leasing assignment in Palm Beach County, where it has more than doubled its presence over the past two years.

“CityPlace Tower has become the premier office tower in the market due to its impressive tenant roster and ownerships willingness to go above and beyond to meet tenants’ needs,” said Kevin Probel, Vice President at Jones Lang LaSalle.  “The tower is at the gateway of West Palm Beach and offers an outstanding opportunity for tenants to have access to Cityplace, with its array of shops, restaurants and vibrant work, play environment.”

Jones Lang LaSalle Vice President Kevin McCarthy will spearhead the leasing efforts at the tower, where the JLL team has handled property management since 2011.  With this assignment, JLL continues to expand its agency leasing portfolio to nearly 1 million square feet of office space, and becomes the exclusive broker for KBS in West Palm Beach, which also owns Emerald View at Vista Center.

"We look at this as a true partnership based on all the success we’ve had with the JLL team over the past couple of years,” said Allen Aldridge, KBS senior vice president and asset manager.  “We chose JLL’s brokerage team to represent CityPlace Tower because of the professionalism and dedication they’ve shown at Emerald View.”

Located on the northwest corner of Okeechobee and South Quadrille boulevards, CityPlace Office Tower anchors the south entrance to the county’s leading visitor destination – CityPlace. Designed by Elkus/Manfredi Architects of Boston, the same firm that designed CityPlace, the tower features hurricane-resistant construction and advanced technology, including generators, high-impact windows and multiple telecommunications providers to protect access to electronic data in all offices.  The spectacular exterior concepts were carried inside and realized through luxurious, contemporary finishes and expansive views of the Atlantic Ocean, city lights and Intracoastal Waterway.

The tower is 90 percent leased with a tenant roster including INTECH, Carlton Fields, Shutts & Bowen and Cleveland Clinic.  Four floors of parking and gated, direct-to-suite access from the garage for senior executives via private elevator make the building the most user-friendly and efficient in the region.  The building is monitored with the most advanced security systems in all of South Florida.

The location is viewed as one of the best commercial sites in Palm Beach County, less than 10 minutes from Palm Beach International Airport, a quarter of a mile from I-95 and directly across the street from the Palm Beach County Convention Center. 

About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet. Its investment management business, LaSalle Investment Management, has $47.0 billion of real estate assets under management. For further information, visit www.jll.com.

About KBS
KBS Realty Advisors is a private equity real estate company and SEC-registered investment advisor founded in 1992 by Peter Bren and Chuck Schreiber. Since 1992, KBS Realty Advisors and its affiliated companies have completed transactional activity of more than $25 billion via 14 separate accounts, six commingled funds, five sovereign wealth funds and five non-traded REITs. For information, visit www.kbsrealty.com.