Franklin Street, a full-service commercial real estate company, has arranged the $20 million sale of a trophy property on the famed Worth Avenue in Palm Beach. The 16,374-square-foot building, whose lead tenant is luxury jeweler Tiffany & Co., is located on the corner of Worth and Hibiscus Avenues. Greg Matus, senior vice president of investment sales for Franklin Street, negotiated the transaction on behalf of the seller, Madden Family Associates, and the buyer, Fortress Investment Group LLC, a New York Stock Exchange-listed investment management firm. In addition to handling the sale, Franklin Street’s Lisa Jesmer will also provide property management services for the asset.
“Very few properties ever change hands on Worth Avenue. This was a rare opportunity for the investor to acquire a premier asset on one of the most famous retail streets in the world,” said Matus. “The sellers benefited from strong market demand and a scarcity of high-end urban street retail in South Florida.”
Worth Avenue has long been one of America’s most iconic streets for shopping, along with Rodeo Drive in Beverly Hills and Michigan Avenue in Chicago. About 250 ultra-luxury retailers, restaurants and art galleries fill its three blocks that end at the Atlantic Ocean.
Built in 1950, the Tiffany & Co. property is located at 259 Worth Ave. Since Tiffany & Co. leased the property in 1991, it has upgraded its space with marble floors, steel doors, and an iconic clock and sculpture over the entrance.
About Franklin Street: Celebrating more than 10 years in the business, Franklin Street is a family of full-service commercial real estate companies focused on delivering value-add solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise and experience of each of its divisions – Real Estate, Capital, Insurance, Property Management and Project Management – Franklin Street offers unmatched value and optimal solutions for clients nationwide. Learn more about Franklin Street at FranklinSt.com.