PGP Expands in Palm Beach
- Aug 20, 2015
Property Group Partners has expanded its presence in Palm Beach County through the acquisition of a luxury Bankers Row asset. The company, formerly known as Louis Dreyfus Property Group, added the 25,000-square-foot 324 Royal Palm Way to its portfolio. The company is also the owner of the 300,000-square-foot CityPlace Tower, which is located at 525 Okeechobee Blvd. just one mile from the newly purchased property.
Also known as the U.S. Bank Building, 324 Royal Palm Way is a multi-tenant three-story office building with 201 lineal feet of frontage on Bankers Row—a stretch of Royal Palm Way that got this nickname due to its high density of financial institutions. Built in 1960 on approximately 1 acre, it is situated just blocks from the restaurants and shops of Worth Ave. and South County Rd. The location also grants quick access to Interstate 95.
The building underwent a series of interior and exterior updates in 2010. These included a new common kitchen, new second-floor bathrooms, and renovated elevator lobbies. The building also offers an on-site ATM as well as a combination of covered and surface parking with 2.67 spaces for every 1,000 square feet.
Cushman & Wakefield Director Mark Pateman and Associate Director Tara England represented the buyer in the transaction. Palm Beach-based Armata Holdings was the seller. The property was fully leased at the time of the acquisition.
Photo credit: Armata Holdings