Franklin Street has been named sales broker for a marquee property on the famed Worth Avenue in Palm Beach. The full-service commercial real estate company anticipates that the corner property, whose lead tenant is Tiffany & Co., will sell for more than $40 million.
“This is a rare opportunity for a REIT or other investor to establish itself on one of the most famous retail streets in the world,” said Robert Granda, director of retail investment sales at Franklin Street.
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.
Only three properties on Worth Avenue have changed hands in the past eight years, Granda said. He, along with Greg Matus, Senior Vice President of Investment Sales, represent Madden Family Associates. For many years, it has owned the 16,374-square-foot building constructed in 1950. The owners are selling now due to high demand and a scarcity of high-end urban street retail, Granda said.
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. The retailer is complemented by the Mark Borghi Fine Art gallery on Worth Avenue and 55 Croisette, a French luxury fashion boutique, on Hibiscus Avenue.
“The Palm Beach listing represents another major step forward for Franklin Street,” said Matus.
In less than three years, the Tampa-based firm has tripled the number of employees in South Florida and closed millions of dollars in real estate transactions, he said.
About Franklin Street: Franklin Street is a family of full-service real estate companies focused on delivering value-added 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, Management, and Valuation.—Franklin Street offers unmatched value and optimal solutions for clients nationwide. For more information on Franklin Street, please visit FranklinSt.com.
