Excerpted from CoStar story.
In one of the rare retail property sales on iconic Worth Avenue in Palm Beach, Florida, the Tiffany & Co. building traded Tuesday for $20 million, or more than $1,200 per square foot.
Madden Family Associates sold the 16,374-square-foot property at 259 Worth Ave. to Fortress Investment Group LLC, a New York-based investment firm with $41 billion in assets under management.
“They saw an opportunity to enter a really strong area,” said Franklin Street broker Greg Matus, who represented both parties in the sale. “They like Worth Avenue and they get a strong tenant. That was the appeal of the property.”