The Real Deal Miami

Adjacent Palm Beach office buildings sell for $21M

It was the second sale of adjacent office buildings on Royal Palm Way in recent weeks

January 31, 2016 10:30AM

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230 and 240 Royal Palm Way in Palm Beach (Credit: Meghan for the Palm Beach Daily News)

230 and 240 Royal Palm Way in Palm Beach (Credit: Meghan McCarthy for the Palm Beach Daily News)

Two adjacent office buildings on Royal Palm Way in Palm Beach sold for about $21 million, the second sale of adjacent buildings on Royal Palm Way, also known as Bankers Row, in recent weeks.

Palm Beach resident Fredrick J. Keitel sold the Fidelity Building at 230 Royal Palm Way and the Wilmington Trust Building at 240 Royal Palm Way.

Keitel had purchased the buildings in 1996 for $2 million. The Palm Beach Daily News confirmed that Keitel sold the buildings on Royal Palm Way for $21.45 million.

The buyer is the O’Conner family, which has a real estate and private equity company with an office on Worth Avenue.

John O’Conner, senior vice president of O’Conner Capital Partners, based in New York City, told the Palm Beach Daily News that the 10,200 square feet of space in the Wilmington Trust Building is fully occupied.  He said the 22,000-square-foot Fidelity Investments Building is 50 percent vacant.

About two weeks ago, a group of Palm Beach investors paid $14 million for the J.P. Morgan Building at 205 Royal Palm Way and an adjacent office building at 221 Royal Palm Way. [Palm Beach Daily News] — Mike Seemuth

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