Cushman & Wakefield Negotiates $9.2M Sale of Bankers Row Building

10/17/17

231 Royal Palm Way

Cushman & Wakefield announced today that it has negotiated the sale of 231 Royal Palm Way, an 11,576-square-foot freestanding office building on Palm Beach’s Banker’s Row.

Cushman & Wakefield Senior Associate Michael Osiecki and Mark L. Pateman, Managing Principal for Palm Beach County, negotiated the disposition on behalf of 231 Royal Palm Way, LLC. Primary Properties, Inc., a subsidiary of Cranston, RI-based Procaccianti Properties, which also has an office in West Palm Beach’s CityPlace Tower, acquired the asset for $9.2 million ($795 per square foot).

231 Royal Palm Way was developed in 1973 on a 0.32-acre site. The building features luxurious high-end finishes throughout and offers on-site covered parking and 29 total spaces. 231 Royal Palm Way was 67 percent occupied at the time of sale by PNC Bank Private Wealth Management.

231 Royal Palm Way’s location on Palm Beach’s famed Bankers Row provides exceptional access to the restaurants and shops along world-renowned Worth Avenue district.

“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.

About Cushman & Wakefield

Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.

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