The Palm Beach Park Centre office buildings in the wealthy town of Palm Beach sold for $38.5 million.
Six LLCs with the name Palm Beach Park Centre, numbered one through six and managed by Marni Propp, sold the offices at 440 and 450 Royal Palm Way to BWREFI Royal Palm Way, managed by Alexander H. Griswold in Boca Raton. San Francisco-based First Republic Bank provided a $19.25 million loan to the buyer.
The buildings total 94,387 square feet, including both offices and parking. They have 71,689 square feet of office space, so the price equated to $537 per square foot.
The property last traded for $29 million in 2002. They were built on the 1.83-acre site in 1962 and 1986. Most of their tenants are wealth management firms, including UBS and Barclays.
The strip of Royal Palm Way just over the bridge is known as “Banker’s Row” because it has many private banks and wealth management firms, which cater to the many super wealthy residents of Palm Beach. It’s also near the famous Worth Avenue shopping district.
According to the third quarter report from Colliers International South Florida, Palm Beach had the highest asking rent for offices in Palm Beach County at $58.11 per square foot. The vacancy rate was 13.8%, but the market saw a slight increase in vacancy during the quarter. It only had 1 million square feet of offices in the town, so Palm Beach Park Centre was a sizable chunk of the market. There are 37 office buildings in the town.
A recent online listing in Palm Beach Park Centre said space was available at $50 per square foot.