An EPIC affiliate has closed on the purchase of The Royal Palm office building in Palm Beach for $16.75 million. The three-story, 23,362 sqf structure at 250 Royal Palm Way is situated on “Banker’s Row,” a pricey stretch of Palm Beach commercial real estate that makes up one of the country’s most expensive office markets. The building is 88 percent leased with major tenants Deutsche Bank and Northern Trust. Amenities include a two-level, 79-space parking garage and seasonal valet and doorman services. Holliday Fenoglio Fowler represented the seller, Ivy Realty who bought the asset out of foreclosure for $7 million in 2010.
“250 Royal Palm received broad investor interest from institutions and private investors alike, thanks to its marquis rent roll, Bankers’ Row location, generous structured on-site parking and recent complete renovation expertly done by Ivy,” said Ike Ojala, HFF.
