CRT, Related Team for $90M Office Tower

WEST PALM BEACH-CRT Properties of Boca Raton and the Related Cos. of New York in a joint venture are planning to develop a $90-million, 20-story, class A office tower in Downtown.The 335,000-sf building, called CityPlace Tower set to rise at the southern end of CityPlace, will be the first major new office building Downtown in 15 years. CityPlace is a $600-million, 72-acre, urban mixed-use project that the Related Cos. developed. The site of the planned tower is opposite the new Palm Beach County Convention Center.The project, scheduled to be completed in 2007, is part of CRT Properties’ commitment to Palm Beach County, according to company CEO Thomas J. Crocker. “South Florida is a key market for our company,” Crocker says in a statement. “We are excited about our long-term commitment to West Palm Beach, which we view as a major center of growth in Florida during the next decade.” Crocker adds the building will fulfill a need for class A office space in the area.Elkus/Manfredi Architects of Boston, the firm that designed CityPlace, is also designing the office tower, which will have hurricane-resistant construction and systems, among other high-end features. Other amenities include a fitness club on an entire floor with a pool, a banquet facility above the penthouse and a helipad.The first phase of CityPlace opened in October 2000. The entertainment-retail-residential project features 80 retailers, about 20 restaurants, a 20-screen movie theater, condominiums, townhomes, live-work lofts and a cultural center.Publicly traded CRT Properties owns or has interests in more than 134 office buildings consisting of more than 10.8 million sf in major US markets, such as South Florida, Atlanta, Dallas, Houston and suburban Washington, DC. The company has more than 4.5 million sf in Fort Lauderdale, Jacksonville, Tallahassee, Orlando and St. Petersburg and is a joint venture partner with New York-based Investcorp Properties Ltd. in Broward Financial Centre, a 24-story, 325,000-sf, class A office building in Downtown Fort Lauderdale.The Related Cos. has a portfolio with more than $8 billion in developments. Currently, the company oversees more than 21,000 apartments and 350,000 sf of commercial and retail space within 125 properties in nine states.