Reuben Brothers, Crown Onyx Acquire Worth Avenue Retail Property For $1,550 PSF

Palm Beach’s luxury retail corridor has landed another major investment, with Reuben Brothers and Crown Onyx acquiring the Esplanade at 150 Worth Avenue for $200 million.

The two-story retail property spans 128,779 square feet and occupies nearly an entire block along one of the country’s most exclusive shopping streets. Current tenants include Emilio Pucci, Akris, Hublot and Starbucks.

The seller, O’Connor Capital Partners, purchased the roughly 2-acre property for $106 million in 2014, making this latest transaction a significant appreciation play in the Palm Beach market. The sale also comes as Palm Beach and broader South Florida continue to benefit from wealth migration trends that have supported luxury retail, office demand and high-profile investment activity.

The Esplanade has also undergone notable tenant changes in recent years. Since 2023, both Louis Vuitton and Saks Fifth Avenue have left the property, with Louis Vuitton relocating elsewhere on Worth Avenue and Saks closing its longtime 50,000-square-foot location. Even so, the $200 million sale price reflects the continued strength and appeal of premier Palm Beach retail real estate.

For Reuben Brothers, the acquisition expands an already growing South Florida presence. The firm already owns the Tiffany & Co.-leased retail building at 259 Worth Avenue, which it acquired in 2020, as well as the Vineta Hotel in Palm Beach, purchased in 2022 and recently reopened after renovations. In Miami Beach, the group also owns the W hotel oceanfront property.

The deal is another sign that trophy assets in Palm Beach remain in high demand, particularly along Worth Avenue, where investor interest continues to be driven by limited supply, luxury branding and the area’s concentration of wealth.