West Palm Beach Office/TV Studio Property Trades For $40 Million

JLL Capital Markets has closed the $40 million sale of 1100 Banyan, a 70,131-square-foot office building and TV studio on 4.73 acres of prime real estate in downtown West Palm Beach.

JLL represented the seller, The E.W. Scripps Company, and procured the buyer, a joint venture between Related Ross, Wexford Real Estate Investors and Key International. Scripps will lease-back the entire property for a minimum of two and a half years.

“We are pleased to announce the acquisition of 1100 Banyan, reaffirming our commitment to West Palm Beach and Palm Beach County,” said Stephen Ross, CEO and Chairman, Related Ross and Founder of Related Companies. “This investment underscores our confidence in the region’s significant growth potential. West Palm Beach has established itself as a center for entrepreneurship and innovative businesses, characterized by a burgeoning tech ecosystem, substantial investments in education and a dynamic business community. As we continue to expand, we are focused on delivering projects that will further position West Palm Beach as a leading hub of commerce and ideas.”

1100 Banyan sits at the prominent corner of Banyan Blvd. and Australian Ave. with forever protected two-way water views of the Atlantic Ocean and Clear Lake. The property is convenient to I-95, providing north/south access throughout the greater Palm Beach area. In addition, 1100 Banyan is walkable to CityPlace, a dynamic destination for shopping, dining, living and working, managed by Related Ross, and to both the Brightline and Tri-Rail stations within downtown West Palm Beach. CityPlace is transforming into the vibrant heart of West Palm Beach, blending shopping, dining and leisure in a dynamic retail hub. With a diverse array of shops and restaurants, it offers something for everyone while enhancing public spaces for relaxation and community events. This lively destination invites visitors to enjoy its beautiful open spaces, seasonal festivities and engaging outdoor atmosphere.

“We’re thrilled to have acquired another site in West Palm Beach, a city that continues to experience tremendous growth and change for the positive. As we deepen our presence here, we remain committed to thoughtfully contributing to the city’s future and helping shape its next chapter of vibrant, sustainable growth,” said Philip Braunstein, Managing Principal of Wexford Real Estate Investors.

Completed in 2000, 1100 Banyan is a two-story building that houses Scripps’ WPTV news studio and office space. The fully leased property also includes a 170-space parking garage and 33 surface spaces.

“West Palm Beach continues to garnish voracious investor interest, driven by its robust economic growth, favourable business climate and quality of life,” said Matthew McCormack, Senior Director at JLL Capital Markets. “The sale of 1100 Banyan underscores the strong demand for prime assets in this West Palm Beach, and the Banyan corridor, as investors recognize the long-term value and growth potential. As a great Anchorman once said, ‘it’s kind of a big deal’.”

 

Simon Banke, Senior Director at JLL Capital Markets, added, “Downtown West Palm Beach is on a clear upward trajectory and the city’s growth will continue, fueled by a pro-business economic climate, alongside continued investment and in-migration. 1100 Banyan stands out as a phenomenal opportunity to capitalize on and further this growth with its direct water frontage, protected views and large-scale footprint. We look forward to following this purchaser’s vision for the property.”

The JLL Capital Markets team representing the seller was led by Banke and McCormack, as well as Executive Managing Director Joe Judge and Managing Director Anna Schaffer of JLL Brokerage.