$16.75 million sale of boutique office building along “Bankers Row” in Palm Beach, Florida, closed by HFF
MIAMI, FL – May 31, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $16.75 million sale of The Royal Palm, a three-story, 23,362-square-foot, boutique office building in Palm Beach, Florida.
HFF represented the seller, Ivy Realty, in the transaction, and procured the buyer, EPIC. The property was sold free and clear of existing debt.
The Royal Palm is situated at 250 Royal Palm Way along “Bankers Row” just one mile from downtown West Palm Beach. This location is home to dozens of top wealth management companies, banks and private equity funds, among others. Extensively renovated in 2012, The Royal Palm is 88 percent leased to a diversified tenant roster led by Deutsche Bank and Northern Trust. Property amenities include a two-level, 79-space parking garage and seasonal valet and doorman services.
The HFF investment sales team representing the seller was led by Ike Ojala, Hermen Rodriguez and Jorge Portela.
“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 Ojala.
About Ivy Realty
Founded in 1996, Ivy Realty is a Greenwich, CT-based real estate investment, development and management company with a portfolio exceeding six million square feet of office, industrial and retail properties. Ivy invests on behalf of institutional, discretionary funds in value-added investments in the Northeast U.S. and Southeast Florida. For more information, visit www.ivy-realty.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.