Trophy Office Property Hits Market In West Palm Beach

One of the few remaining trophy office assets in West Palm Beach not controlled by Stephen Ross may soon trade hands.

Wheelock Street Capital and Brand Atlantic have quietly listed Banyan & Olive, a premier office and retail complex in the city’s waterfront district, according to sources. Eastdil Secured is marketing the two-building, 156,785-square-foot property, with pricing expectations exceeding $200 million. At that level—roughly $1,250 per square foot—the transaction would represent one of the lowest cap rates ever achieved for an office asset in the Southeast, with interest expected primarily from ultra-high-net-worth investors.

The offering follows Wheelock Street Capital’s late-2025 sale of The Ben to Ross. Both properties were held in closed-end funds, prompting the sales, though Wheelock remains heavily invested in the West Palm Beach market.

Banyan & Olive consists of the restored 111 Olive, a 1936 Art Moderne building featuring approximately 10,000 square feet of retail and 30,000 square feet of office space, and 300 Banyan, a newly constructed 115,000-square-foot office building with views of the Intracoastal Waterway, Palm Beach Island and the Atlantic Ocean. Development began in 2022 following the placement of $87 million in construction financing.

The property is currently 88 percent leased to office tenants including Dycom, Taft, Alvarez & Marsal, and Edward Jones. The retail component is anchored by Kyma, which occupies 8,000 square feet at street level along with a 6,000-square-foot rooftop space—its first location outside New York City. Leasing momentum accelerated after Kyma’s opening in 2024, while the remaining space has been intentionally held back for a future owner.

West Palm Beach’s office fundamentals continue to outperform national trends. According to Avison Young, the city was the first U.S. office market to surpass pre-pandemic occupancy levels, reaching 103 percent by late 2025, with more than 3.1 million square feet leased last year.

Related Ross has acquired or developed an estimated 95 percent of the city’s trophy office inventory and recently secured a record-setting construction loan to build additional towers. Major tenants such as Wells Fargo and ServiceNow have reinforced West Palm Beach’s emergence as a regional business hub.

Given the city’s limited supply of Class AA office space and increasing demand from institutional-scale tenants, Banyan & Olive may represent one of the last opportunities to acquire a premier office asset in the market for the foreseeable future. Sources indicate the property may never be broadly marketed if seller pricing expectations are met.

As one industry source put it, the offering represents “a rare chance to buy a top-tier asset in a market where nearly everything else is already spoken for.”

Whether Ross himself emerges as a buyer remains an open question—but given his outsized presence in the city, few are ruling it out.