Palm Beach Office Building Commands $9M

By Timea Papp

231 Royal Palm Way

Cushman & Wakefield brokered the sale of a freestanding office building in Palm Beach, Fla. 231 Royal Palm Way LLC sold the 11,576-square-foot asset to Primary Properties Inc., a subsidiary of Cranston, R.I.-based Procaccianti Properties in a $9.2 million deal, or $795 per square foot, public records show.

Flagler Bank facilitated the transaction through $6.9 million in acquisition financing, scheduled to mature in October 2022. Located at 231 Royal Palm Way, the building was developed in 1973 on a 0.3-acre site and features on-site covered parking with 29 total spaces. The property was 67 percent occupied at the time of sale and its sole tenant was PNC Bank Private Wealth Management.

Prominent location

Senior Associate Michael Osiecki and Mark Pateman, managing principal for Palm Beach County, worked on behalf of the owner in the transaction. Earlier this year, Cushman & Wakefield completed the sale of Heathrow International Business Center, a six-building office campus in suburban Orlando.

“The sale of 231 Royal Palm Way at $795 per square foot exemplifies a real appetite for best-in-class office product on a supply constrained barrier island,” said Osiecki, in a prepared statement.

The building last changed hands in December 2010 for $8.9 million, according to public records. Situated on Palm Beach’s Banker’s Row, it provides access to surrounding restaurants and shops along Worth Avenue, an upscale shopping and dining district stretching for blocks from Lake Worth to the Atlantic Ocean.

Image courtesy via Google Street View