Related Ross JV Buys West Palm Beach Asset for $40M
The company has teamed up with Wexford Real Estate and Key International to acquire the office and TV studio property.
In a $40 million deal, The E.W. Scripps Co. has sold an office and TV studio property in West Palm Beach, Fla. The buyer was a joint venture between Related Ross, Wexford Real Estate Investors and Key International.
The 70,131-square-foot building at 1100 Banyan Blvd. houses Scripps’ WPTV news studio and office. Following the sale, Scripps will lease-back the two-story property for two and a half years.
According to CommercialEdge data, 1100 Banyan was completed in 2000 and was originally purchased by E.W. Scripps in 2001 for $16.9 million.
JLL Capital Markets facilitated the sale. The firm’s team representing the seller included Senior Directors Simon Banke and Matt McCormack, Executive Managing Director Joe Judge and Managing Director Anna Schaffer.
The property covers 4.73 acres and is situated between Banyan Boulevard and Australian Avenue near I-95. CityPlace, a retail and dining center, is within walking distance of the office and Boca Raton is within some 26 miles. Brightline and Tri-Rail public transit stations are within a mile of the property and the Palm Beach International Airport is 3 miles away.
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West Palm Beach continues to attract strong investor interest, fueled by solid economic growth, a pro-business environment and a high quality of life, according to a JLL Capital Markets statement. In its announcement, the firm also highlighted the long-term value and growth prospects of the Banyan corridor.
Nearby, in Manalapan Fla., Garden Commercial, a N.J. investor, has acquired an 83,800-square-foot grocery-anchored shopping center. The property, known as Plaza Del Mar, is located at 250 S. Ocean Blvd., and features storefronts and dining options including Publix, Art Basil Modern Italian Cuisine, The Ice Cream Club and Chico’s.
Steady Office Market in Palm Beach
The office market in Palm Beach ended 2024 with steady numbers, according to a Colliers report. Office rents toward the end of 2024 were down 1.1 percent year-over-year to $39.28 per square foot. At the end of the fourth quarter, 511,938 square feet of office space came online. Newly delivered projects included One Flager, owned by Related Ross, as well as Banyan & Olive. The buildings were 83 percent and 55 percent leased, respectively, at the start of the year.
Looking forward, the market’s office sector expansion looks promising. At the start of 2025, 3.8 million square feet of office space was proposed for development. According to the New York Post, Related Ross has broken ground on the CityPlace project, which is set to bring 1 million square feet of office and retail space to the Palm Beach area, gearing the market for growth.
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