Excerpted from South Florida Business Journal story.
Fortress Investment Group has acquired the Tiffany & Co.-leased building on Palm Beach’s upscale Worth Avenue for $20 million.
Madden Family Associates, managed by Daniel Madden in West Palm Beach, sold the 16,374-square-foot building at 259 Worth Ave. to an affiliate of Fortress (NYSE: FIG). The seller was represented by Greg Matus of Franklin Street.
The price equated to $1,221 a square foot. Worth Avenue is one of the nation’s most expensive retail streets.