Palm Beach Office Buildings Trade For $35M
JLL Capital Markets has closed the $35 million sale of 340 & 350 Royal Palm Way, adjacent boutique Class A office buildings totaling 44,625 square feet in Palm Beach.
JLL represented the seller, Pearlmark, and procured the buyer, CS Ventures.
340 Royal Palm Way features 20,813 square feet of office space in a four-story building while 350 Royal Palm Way has five stories and 23,812 square feet of office space. The 350 building is 100% leased and the 340 building is well-positioned for strong revenue increases through lease-up. In total, the properties offer 146 parking spaces in a mix of covered and surface spaces.
The properties are located in the highly exclusive town of Palm Beach along “Bankers Row”, which is home to numerous wealth management companies, banks, family offices, law firms, hedge funds and private equity funds. The buildings are also close to Palm Beach International Airport, Florida’s Turnpike and Interstate 95 providing regional access to and from the property. Palm Beach is one of the top performing office markets in the state and is predicted to remain on that trajectory due to the continued in-migration of wealth and high net worth companies to the area.
JLL’s Capital Markets team representing the seller was led by Ike Ojala, Hermen Rodriguez, Matthew McCormack, Max Lescano, Blake Koletic and Michael Roukis.
“The town of Palm Beach is a highly exclusive enclave that has seen tremendous in-migration of wealthy families and companies, resulting in high demand for the limited inventory of available office space on the island and strong investor interest,” Ojala said.
“We are very excited to announce the addition of 340 and 350 Royal Palm Way to our growing Palm Beach portfolio and look forward to commencing our business plan for the properties, which will include significant building upgrades and the lease-up of some of the last remaining premier office availability on Royal Palm Way,” Spencer Schlager of CS Ventures said.
The current CS Ventures Palm Beach office portfolio is 100% leased.
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